3:30 | 13.08.2018
KKR to Acquire Ramky Enviro Engineers

Global investment firm KKR and Ramky Enviro Engineers Limited (“REEL” or
the “Company”), a leading provider of environmental services and
solutions in India and overseas, today announced the signing of a
definitive agreement under which KKR will acquire a 60% stake in the
Company for approximately US$530 million via a combination of primary
and secondary investments valuing the Company at an enterprise value of
US$925 million.

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REEL’s suite of comprehensive offerings includes the management,
collection, transport and processing of hazardous, municipal, biomedical
and e-waste, as well as the recycling of paper, plastic and chemicals.
The Company also focuses on renewable energy generation – with a strong
focus on waste-to-energy processes – and offers consulting and
integrated environmental services. REEL has a presence in over 60
locations across 20 Indian states, as well as in certain Southeast
Asian, Middle Eastern and African markets.

KKR’s investment in REEL marks one of the largest buyouts in India, in
addition to being the first private equity buyout in the country’s
highly attractive environmental services sector. The deal comes as Prime
Minister Narendra Modi’s administration enhances its focus on
environmental management through the Swachh Bharat (Clean India)
Mission, an initiative to reduce pollution and improve critical
sanitation infrastructure to boost living standards in cities, towns and
rural villages nationwide.

M. Goutham Reddy, Managing Director & CEO of the Company, said, “REEL
was founded by Mr. A. Ayodhya Rami Reddy with a vision that sustainable
development is the key to success and with an objective of serving
society through environmental management. With KKR as our new partner,
we look forward to advancing our mission of responsibly addressing the
environmental issues that emerging economies including India are facing
today. Today marks the beginning of the next stage of REEL’s evolution
towards serving society.”

Sanjay Nayar, Member & CEO of KKR India, said, “We are excited to
partner with REEL, the only comprehensive environmental management
company offering end-to-end environmental and waste management services
across India. REEL’s work uniquely supports the Swachh Bharat Mission,
and our team is pleased to invest in the growth of a company that
provides critical services and infrastructure to reduce pollution and
address the needs of India’s expanding urban population.”

“We look forward to leveraging our resources to enhance REEL’s
operational best practices and add value by focusing on engineering
innovation, attracting managerial talent and boosting efficiency, in
addition to building on REEL’s rigorous focus on environmental, health
and safety initiatives. We will work alongside REEL’s experienced
management team to enhance the Company’s mission of becoming a
world-class leader in environmental management at a time when
implementing sustainable solutions is more important than ever,” added
Rupen Jhaveri, Managing Director at KKR.

REEL has established itself as a leading and trusted provider of
environmental services due to its focus on sustainability and commitment
to continuous improvement. As part of this commitment, REEL uses a
number of systems to monitor its procedures to ensure adherence to best
environmental management standards. The Company frequently samples and
analyses its business’ impact on the air, soil and water of the areas
where it operates, and it manages community outreach and engagement
programs. To date, REEL has been recognized for its safety and
environmental efforts in numerous municipalities in India.

Barclays and EY are acting as REEL and KKR’s M&A advisors, respectively.
Link Legal serves as REEL’s legal counsel, and PwC and Transaction
Square act as REEL’s tax advisor. Cyril Amarchand Mangaldas and Simpson
Thacher & Bartlett serve as KKR’s legal counsel, with Deloitte India
acting as accounting and tax advisor. Environmental Resources Management
serves as environmental management advisor to the deal.

KKR makes the investment from its Asian Fund III.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic manager
partnerships that manage hedge funds. KKR aims to generate attractive
investment returns for its fund investors by following a patient and
disciplined investment approach, employing world-class people, and
driving growth and value creation with KKR portfolio companies. KKR
invests its own capital alongside the capital it manages for fund
investors and provides financing solutions and investment opportunities
through its capital markets business. References to KKR’s investments
may include the activities of its sponsored funds. For additional
information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website
and on Twitter @KKR_Co.
About Ramky Enviro Engineers
Ramky Enviro Engineers Limited (“REEL”) is a leading provider of
comprehensive environmental management services. Through the provision
of its technical and operational expertise, REEL offers cost-effective,
custom solutions to a variety of complex environmental needs across
areas including Integrated Waste Management, Wastewater and Water
Treatment and Remediation, among others. REEL today operates waste
treatment facilities in more than 60 locations across India, Singapore,
the Middle East, and Africa. The Company handles 3.5 million tons of
municipal waste, 1 million tons of industrial waste, and caters to
20,000 healthcare establishments. REEL’s facilities are ISO 9001-, ISO
14001-, ISO 17025- and OHSAS 18001-certified to ensure excellence in
environmental and waste management. For more information, visit:

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