Clearwater International advises Tomra Systems on its sale of Orwak to Accent Equity
Clearwater International has advised Tomra Systems on its sale of Tomra Compaction, a Swedish waste compaction business to Accent Equity.
Tomra Compaction which operates under the Orwak brand was founded in 1978 and has since pioneered the manufacturing of equipment for recycling, mainly vertical bailing presses. After having had several owners during the development stage, the company was acquired by Tomra, a listed Norwegian company, in 2004.
Tomra’s vision at the time was to become world leaders in recycling solutions and Orwak was well-suited for that objective. However, during the following ten years, Tomra changed direction. The company became experts in manufacturing sensor-based sorting solutions for the food, mining and waste industry.
Tomra’s focus on developing, designing and manufacturing of sensor-based sorting solutions, left little space for Orwak to carry out their strategic plans. Consequently, Tomra decided to divest the company.
Based on the business plan that was presented and previous experience of Swedish industrial companies, Tomra slected Clearwater International as their adviser. It was very important for Tomra to achieve the best possible transaction terms, but also to reach a deal that was beneficial for the company, the staff and the management. Clearwater International chose a process where a selected group of potential investors were allowed to examine the company further.
Orwak attracted much interest and Tomra had a dozen bids to consider. In the end, SanSac and Environpac, a newly founded business group owned by Accent Equity Partners, was successful. The main driver behind the decision was that the larger group would provide stability and development opportunities for the management and the employees.