GrowthGate buys stake in Averda

Dubai-based GrowthGate Capital announced today that it reached a final agreement to acquire an interest Lebanon's Averda International, an integrated waste management company with solid waste operations in the Middle East and North Africa.

GrowthGate said it's getting a 33.33 percent stake in Averda, but did not disclose the financial terms of the deal. GrowthGate is a buyout firm specializing in Gulf Cooperation Council, or GCC, countries, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

"By partnering with GrowthGate, a value-added investor with deep roots and access to the GCC markets and the MENA region, Averda is determined to play a central role in the regional waste management sector by bringing together its expertise, resources, and intimate knowledge of markets to capitalize on the current urbanization boom and the unprecedented waste generation ratios, for years to come," said Malek Sukkar, CEO of Averda.

MENA is an acronym for the Middle East and North Africa region.

GrowthGate said Averda, which is majority owned by its founders and managers, services more than two million people in 500 communities. Averda produces waste-generated fertilizers and other organic by-products, operates efficient recycling programs, and is exploring bio-fuel extraction processes, according to GrowthGate.

This deal marks GrowthGate's fourth direct equity investment since its capitalization in mid-2007, and the first in a cleantech company. It's other portfolio companies are Able Logistics Group, a logistics and transport firm; Gama Aviation Holding, a private jets and aviation business; and Roots Group, a construction-related materials company.

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