KKR sells Cleanaway to Transpacific

Less than 12 months after completing a leveraged buy-out of Cleanaway, KKR sells the Australian waste management business for $1 billion.

In one of the fastest asset flips in private equity history, Kohlberg Kravis Roberts KKR yesterday sold part of its Australian waste management business to a trade buyer for an estimated return-on-equity of around 60%.

Queensland-based Transpacific Industries purchased the Cleanaway business from KKR for A$1.25 billion $1 billion in cash, less than 12 months after KKR won a bidding war to buy the asset from its original owners Brambles. At the time, KKR stunned the market by paying A$1.83...

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