Navis Capital Partners (“Navis”) confirmed it has signed definitive documentation to sell its entire interest in TES-Envirocorp Pte. Ltd. (“TES”) to SK ecoplant Co., Ltd., South Korea’s environmental services provider.
The transaction values TES at an enterprise value of US$1.0billion 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. TES provides a one-stop solution to customers for recycling, repurposing, and reusing IT devices and electric vehicle batteries.
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.
The volume of lithium-ion batteries to support the global energy transition will be many times larger than that of electronic devices. Without the development of large-scale recycling and upcycling facilities to re-use and/or re-purpose lithium-ion batteries, the development of the end- user industries of electric vehicles and electricity storage will be constrained.
