Hogan Lovells advises Navis Capital on its sale of TES- Envirocorp

The transaction values TES at an enterprise value of US$1.0 billion and is expected to close in Q2 2022. SK ecoplant will acquire 100% of TES from Navis and other minority shareholders. TES is a sustainable IT and battery lifecycle services market leader, headquartered in Singapore, and currently operates 43 facilities in 21 countries across Asia, North America and Europe.

Navis took control of TES in May 2013. Since then, the company has grown from being an Asia-focused electronic waste manager to a global sustainability solutions provider. During Navis’ ownership, Navis assisted TES in professionalising management, undertaking numerous strategic follow-on acquisitions, strengthening its IT recycling capabilities, and developing industry-leading security and compliance capabilities. TES is considered one of the earliest movers into the processing and recycling of electric vehicle lithium-ion batteries, leveraging its experience in recycling batteries predominantly from electronic devices such as handphones and laptops.

Navis is a leading private equity investment firm which currently manages approximately US$5 billion in public and private equity capital and focuses on investments primarily in and around Asia. Navis contributes both capital and management expertise to a limited number of well-positioned companies with the objective of directing strategic, operational, and financial improvements. Navis has a long and proven track record in pan-Asian private equity, with over 80 control transactions across the Asian region since its establishment in 1998.

The transaction was led by Asia-Pacific Head of Corporate and Finance Stephanie Keen, with support from counsel Danielle Wu and associate Amelia Lee.

Stephanie Keen commented, "We are delighted to have support Navis on this market leading transaction. Through Navis' investment in TES, Navis were pioneers in recognising the need for industries to focus on ESG."