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Private equity manager buys EnviroWaste from Fulton Hogan

Published 10 December 2006

Australian private equity manager Ironbridge Capital has bought EnviroWaste Services Ltd from Fulton Hogan Ltd. It’s the second investment in Ironbridge Fund II, closed recently with $A1.05 billion of commitments.

EnviroWaste offers waste collection, transfer station & landfill services in all major New Zealand cities, either on a stand-alone basis or through joint ventures.

Ironbridge Capital’s Kerry McIntosh said: “EnviroWaste has a strong market position in the New Zealand waste collection & disposal sectors. We were attracted to the company’s portfolio of newly developed regional landfill assets & strong cashflow profile. We also believe that EnviroWaste has excellent growth opportunities, especially in the collections businesses and in working in partnership with local councils to develop advanced waste solutions.”

Ironbridge focuses on investments in medium-sized management buyout & expansion capital transactions in Australia & New Zealand. Fulton Hogan is majority-owned by Shell Oil and the rest is held by Fulton family members and family trusts.

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Attribution: Company release, story written by Bob Dey for this website.

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End of road for Indian bikes

In the unusual collectibles category: the whole 2004 production line of the California-based Indian Motorcycle Corp, which just happened to total only 40 bikes.

Indians were first produced in 1901, were known as “America’s first motorcycle” and the company was a technological leader. Over the years the company changed hands a few times, closing in 1953. It was restarted in 1999, but only lasted until late 2003, when the doors were abruptly closed.

The brand hasn’t maintained the international mystique of Harley Davidson, but I figured when a liquidator stepped in & bought the last 40 bikes – plus all Indian’s hard assets, including parts & manufacturing equipment – they’d sell fast to enthusiasts spurred on by recent talk of American jobs being exported.

From what I can see on the eBay website, where a couple are being auctioned, they’re not such big hits, struggling to get to $US15,000 for 700cc-plus machines.

The production line was bought by Bill Melvin, chief executive of National Retail Equipment Liquidators, a vintage motorbike collector, ardent Indian enthusiast who said he would keep one. He also has the only 2005 model prototypes for sale.

Website: NREL

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