Luxembourg, 26 February 2025 – Sterling Active Fund (“SAF”) is pleased to announce the successful exit of its investment in Renewi plc (“Renewi”), marking the Fund’s 9th realized exit to date.

The fund sold its last shares through the market on 25th of February 2025, following the confirmation of a Tender Offer by Macquarie and British Columbia Investment Management Corporation.

Renewi is a leading waste-to-product company in the Benelux region operating across three core segments: Commercial Waste, Mineralz & Water and Specialities.

Throughout the investment period, SAF worked constructively with management and the board. Key objectives were focusing on operational improvements of its core, profitable Benelux business and helping guide strategic efforts toward the disposal of Renewi’s loss-making UK operations.

These initiatives together with the successful UK divestment clarified the company’s strategic direction and contributed to an improved market valuation.

After the announcement of a bid from a consortium comprising Macquarie and British Columbia Investment Management Corporation in February, SAF decided to sell its investment over the market rather than awaiting the completion of the takeover. As a result, SAF achieved a high double-digit return on its investment.

Mr. Beniamino Sciacca, Managing Director of SSVL Monaco, commented “We were truly impressed by the management’s clear strategy to unlock value by addressing the company’s legacy issues, including the disposal of its loss-making UK operations. We believe that the sale to Macquarie and BCI represents the best outcome for both shareholders and the company. With a strengthened balance sheet and enhanced financial flexibility, Renewi is now well-positioned to accelerate the structural improvement of its core Commercial Waste division and to capitalise on a range of growth initiatives.”

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Renewi plc, listed on both the UK and Dutch stock exchanges, operates across three core segments: Commercial Waste, in the Benelux region, Mineralz & Water and Specialities.

Sterling Active Fund, is the second fund launched by Sterling Strategic Value in October 2020. SAF is open for subscriptions.

Sterling Strategic Value, is one of Europe’s oldest Activist investors founded in 1999 and with a track record of over 50 successful activist investment entry and exits.