Ropes & Gray has advised Partners Group in connection with an innovative secondary transaction whereby Partners Group, acting on behalf of its clients, will become a strategic investor in Blue Phoenix Group (BPG), via an investment in Daiwa International Capital Partners (Daiwa ICP)’s first fund Daiwa ICP European Infrastructure 1.
BPG operates incinerator bottom ash (IBA) processing installations globally and helps the Energy-from-Waste sector with alternative sustainable solutions for ash residues. The company’s principal activity is to treat IBA and recycle it into marketable mineral aggregates, ferrous and non-ferrous metals, preventing landfill disposal. IBA processing represents a critical element of the energy from waste value chain, completing the circular economy.
The deal features an innovative extension secondary structure, which allows Daiwa-ICP to continue supporting BPG in its next phase of growth, while providing it with additional firepower to continue its strategy of sourcing off-market infrastructure opportunities that offer strong potential for growth and value accretion.
The transaction signed on 10 November 2022 and is expected to complete in due course subject to obtaining applicable merger control approvals.
The Ropes & Gray team was led by funds partner Tom Alabaster, with funds counsel Chris Townsend, in London. Other members of team included tax partner Andrew Howard, tax associates Sophie Waters and Chris Shim, funds associate Kwasi Yeboah, trainees William Radcliffe and Adam Wilson.