Keppel and KAIF to Sell 80% Stake in 800 Super to Actis in S$600 Million Deal

Keppel Asia Infrastructure Fund LP (KAIF) and Keppel Ltd.’s Infrastructure Division are jointly divesting their combined 80% interest in 800 Super Holdings Limited, a leading Singapore-based environmental services company, to Actis, a global investor in sustainable infrastructure. The transaction, which marks KAIF’s first divestment, values 800 Super at over S$600 million on a 100% enterprise value basis.

KAIF currently holds a 48% interest and Keppel a 32% interest in 800 Super. Both will receive their respective share of the consideration in cash. Mr. William Lee, co-founder and CEO of 800 Super, who holds the remaining 20% interest, will divest 10% to Actis and retain the other 10% following completion.

800 Super is an integrated environmental solutions provider in Singapore with four main business segments: waste management, waste treatment, integrated public cleaning, and other environmental services. The company is also one of three licensed public waste collectors in Singapore, delivering municipal waste collection services. Mr Jopy Chiang, Deputy Chief Investment Officer and Chief Investment Officer, Infrastructure of Keppel said, “The divestment of 800 Super demonstrates Keppel’s ability as a global asset manager and operator to identify unique opportunities as well as enhance and crystallise value from our investments at the right time. Over the past three years, we leveraged our infrastructure expertise, working alongside 800 Super’s management team to optimise the company’s operations, expand its capabilities and market exposure as well as strengthen its robust contract portfolio. These efforts have resulted in 800 Super achieving 20% EBITDA growth since our acquisition and are expected to generate an Internal Rate of Return in the mid-teens and capital gains equivalent to half the amount invested for KAIF’s Limited Partners upon divestment, underscoring our disciplined approach and focus on achieving strong risk-adjusted returns.”