SINGAPORE, 21 February 2022 - Navis Capital Partners and SK ecoplant, South Korea's leading environmental services provider, have signed a definitive agreement for the acquisition of 100% of TES by SK ecoplant.
The transaction values TES at an enterprise value of US$1 billion and is expected to close in Q2 of 2022.
SK ecoplant has long viewed the sustainable IT lifecycle market strategically as a means to help create a zero-waste, zero-pollution circular economy. The acquisition of TES will be a key driver in accelerating its entry into the global market for environmental services. The acquisition will also maximize synergies that both companies have in battery recycling and plastics innovations, as well as broadly accelerate the growth plan for TES's existing business strategy.
"The acquisition of TES will be a milestone for SK ecoplant to become a leader in the exponentially growing global sustainable IT lifecycle services market," Park Kyung-Il, CEO of SK ecoplant, said. He added, "The company will continue to invest in companies with high growth potential and innovative technology and pursue M&A activity to become a global-leading environmental solutions provider."
"TES's mission is to make a decade of difference by securely, safely, and sustainably transforming and repurposing one billion kilograms of assets by 2030," said Gary Steele, TES's Chief Executive Officer. "SK ecoplant's experience and shared vision of a more sustainable world make them the perfect partner for TES. The commitment represented by SK's investment reaffirms that, and we couldn't be more excited about working with them to offer sustainable technology solutions that drive the circular economy."
Jean-Christophe Marti, the Senior Partner at Navis, commented: "Working with the TES team to help transform the business over the last eight years has been a privilege. Under Navis's stewardship, TES has grown to become an industry leader with an excellent management team, robust operational processes that have raised the bar for ESG compliance across the industry, and a global network of facilities to serve its blue-chip clients. TES is also ideally positioned to be a key player in the upcoming global energy transition. SK ecoplant, a leader in the Korean environmental services market, is ideally suited to help take TES to the next level."
About TES
Since our formation in 2005, TES has grown to become a global leader in sustainable technology services and bespoke solutions that help clients manage the commissioning, deployment, and retirement of technology devices and components.
We provide comprehensive services for technology devices throughout their lifecycle — from deployment to decommissioning to disposition — all the way through to recycling and end-of-life repurposing. This includes innovating new processes to leverage the value locked in assets if they are to be recycled, such as our proprietary lithium battery recycling process, which extracts scarce materials from used batteries at purity rates high enough that they can be reused in the manufacturing supply chain.
We have made it our mission to make a decade of difference by securely, safely, and sustainably transforming and repurposing one billion kgs of assets by 2030. Our 43 owned facilities across 21 countries offer unmatched service-level consistency, consistent commercials, lower logistics costs, local compliance experts in-region, support in local time zones and languages, and a deep understanding of transboundary movement globally. For more information, visit www.tes-amm.com.
About SK ecoplant
Launched in 1977 under the name SK E&C, SK ecoplant possesses the highest levels of technical skills and construction capacity in sectors such as chemical and power plants, infrastructure, construction, and housing. The company recently set its new goal to become a leading global eco-friendly and new energy company that connects the environment, people, and finance through technology, ultimately contributing to sustainable lives for all. For more information, visit www.skecoplant.com/en.
About Navis Capital Partners
Founded in 1998, Navis manages approximately US$5 billion in private equity capital and focuses on investments primarily in and around Asia. Navis contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational, and financial improvements. Navis has a long and proven track record in pan-Asian private equity, with over 85 control transactions across the Asian region completed since its establishment. For more information, visit www.naviscapital.com.
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