Reworld signs definitive agreement to sell minority stake to GIC

Houlihan Lokey, a Los Angeles-based global investment bank, has announced that Reworld Waste LLC, a portfolio company of EQT Infrastructure, has signed a definitive agreement to sell a 25 percent minority equity stake to GIC, a Singapore-based global investment firm.

The transaction is subject to customary conditions and approvals. EQT, a Sweden-based global investment organization, will remain the largest shareholder post-closing, according to the bank.

Based out of Morristown, New Jersey, Reworld provides sustainable waste solutions to businesses and communities throughout North America. The company, formerly known as Covanta, rebranded to Reworld in April and, since then, has launched a handful of services, including the ReCredit program and Customer Gateway. Since EQT took the company private in November 2021, Reworld has nearly doubled its number of operational facilities and increased its headcount by 800, expanding its reach across new and existing core geographies, Houlihan Lokey says.

RELATED: GIC buys 25 percent stake in Reworld

The stake sale marks a strategic milestone in Reworld’s journey, Houlihan Lokey says, as the company welcomes a strategic partner to help accelerate its ability to deliver sustainable waste solutions to its municipal, residential, commercial and industrial customers in North America. Reworld says it is committed to advancing zero-waste initiatives and supporting sustainability goals through state-of-the-art technologies that reduce, recycle and recover more than 20 million tons of waste across over 100 facilities for more than 4,600 customers.

GIC was established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing across a wide range of asset classes and active strategies globally, including equities, fixed income, real estate, private equity, venture capital, and infrastructure.

Houlihan Lokey is serving as financial advisor to Reworld and EQT. The firm has advised on 29 announced or closed transactions in the environmental services sector since the beginning of 2023.