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Keppel Asia Infrastructure Fund LP (KAIF)[1] and Keppel Ltd.’s Infrastructure Division (Keppel) are jointly divesting their combined 80% interest in 800 Super Holdings Limited (800 Super), a Singaporean environmental services company to Actis, a leading growth market investor in sustainable infrastructure. The proposed transaction marks KAIF’s first divestment and values 800 Super at over S$600 million based on 100% of 800 Super’s enterprise value.
KAIF and Keppel hold 48% and 32% interests respectively in 800 Super and will receive their share of the consideration in cash. The remaining 20% interest in 800 Super is currently held by Mr William Lee, 800 Super’s co-founder and CEO, who will be divesting a 10% stake to Actis and retaining a 10% stake post transaction.
800 Super is a leading integrated environmental solutions provider in Singapore and has four main operating segments, waste management, waste treatment, integrated public cleaning and other environmental services. 800 Super is also one of three licensed public waste collectors in Singapore, providing municipal waste collection services.
Since the acquisition of the majority stake by the Keppel consortium in 2022, 800 Super has achieved financial growth, operational success and stability by retaining key contracts from the National Environment Agency of Singapore and expanding into the Toxic Industrial Waste segment, leveraging the deep operating capabilities of Keppel’s Infrastructure Division.
Mr Jopy Chiang, Deputy Chief Investment Officer and Chief Investment Officer, Infrastructure of Keppel said, “The divestment of 800 Super demonstrates Keppel’s ability as a global asset manager and operator to identify unique opportunities as well as enhance and crystallise value from our investments at the right time. Over the past three years, we leveraged our infrastructure expertise, working alongside 800 Super’s management team to optimise the company’s operations, expand its capabilities and market exposure as well as strengthen its robust contract portfolio. These efforts have resulted in 800 Super achieving 20% EBITDA growth since our acquisition and are expected to generate an Internal Rate of Return in the mid-teens and capital gains equivalent to half the amount invested for KAIF’s Limited Partners upon divestment, underscoring our disciplined approach and focus on achieving strong risk-adjusted returns.”
Expected to be completed before year-end, this divestment is subject to conditions precedent and approval from the relevant regulators. The proposed transaction is not expected to have any material impact on the net tangible asset per share or earnings per share of Keppel for the current financial year.
About Keppel Ltd.
Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.
[1] Comprising Keppel Asia Infrastructure Fund LP and a parallel fund
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