Jadwa Waste Management Opportunities Fund, a unit of leading Saudi Arabian private equity house and investment bank Jadwa Investment, has acquired Global Environmental Management Services (GEMS) together with its co-investment partners in a deal valued at around $300 million.

The acquisition was funded by funds managed by UK-based investment management firm Ashmore Group and various local shareholders, said a statement.

Jeddah-based GEMS is a national provider of waste management, recycling, industrial and engineering services across Saudi Arabia, and a leading player in an industry that contributes to the long-term sustainability of the kingdom’s industrial sector and promotes sustainable, environmentally-friendly recycling technologies.

The company employs over 500 professionals including scientists and researchers, environmental engineers, waste management specialists and administration professionals, working with over 200 clients across Saudi Arabia.

With an existing and planned investment pipeline of more than SR850 billion ($226.5 billion) throughout all industrial sectors in the kingdom, and given the significant momentum towards environmentally responsible waste management practices, demand is expected to increase consistently for waste management, recycling, industrial effluent treatment and other environmental solutions that help alleviate the impact of industrial development activities on the environment.

Tariq Al Sudairy, managing director and chief executive officer of Jadwa Investment, said: “GEMS is a leading player, with a strong and entrepreneurial management team, in a sector with strong growth potential that is underpinned by Saudi Arabia’s global leadership position in the petrochemical production sector, and the overall public push towards long-term sustainability and environmental awareness.

“In this investment, together with our partners, we will strive to accelerate GEMS’ ambitious growth plan, and complement management’s considerable industry expertise by leveraging our experience in corporate governance, strategy, corporate finance, management and business development.”

Hanif Dahya, managing director, GEMS, said: “We are very proud of our partnership with Jadwa, as a leading investment management firm in Saudi Arabia, and its co-investors. We believe that Jadwa’s team will provide us with the support and expertise we require to see GEMS through its next chapter of growth, and we look forward to an exciting new partnership.” - TradeArabia News Service