Australia-based Transpacific Industries has acquired Cleanaway, an Australian waste management concern, for $1.25 billion.
Joseph Bae, KKR Asia’s Managing Partner, said: "While Cleanaway was performing very well and on plan, a responsible owner has to consider all offers put to them. In this case the valuation placed on the business recognized its strong performance.
"The deal will also allow BIS to focus on higher growth opportunities in the industrial logistics business, which is continuing to benefit from the current commodity cycle".
Chris Berkefeld, BIL’s CEO, said the company had a positive long-term view on the resources and related sectors and was committed to the development of customer relationships in these sectors.
BIL is a leading outsourced supplier of on-site and off-site materials handling and industrial logistics to the minerals, metals and coal mining sectors. Its on-site activities include the management of non-core customer processes and materials handling, and its logistics business serves the oil and gas, cement, mineral sands, salt, mining and food and beverage industries.