Ironbridge, a leading independent Australasian private equity manager, today announced it has completed the acquisition of New Zealand waste management firm, EnviroWaste Services Ltd.

The business was acquired from Fulton Hogan Limited in December 2006. As part of this transaction, EnviroWaste's operations in the New Zealand south island were agreed to be on-sold to Transpacific Industries subject to New Zealand Commerce Commission approval.

This is the second investment by Ironbridge Fund II, following the recent acquisition of iNova Pharmaceuticals from 3M. Ironbridge Fund II closed last year with A$1.05b of commitments from leading Australian and international institutional investors.

Matt McLellan, Director of Ironbridge, said: "EnviroWaste has a strong market position in the New Zealand waste collection and disposal industry. There is significant growth potential in what is a growth industry. We're looking forward to working with EnviroWaste management to accelerate plans to build and grow the business."

Paul Bishop, the CEO of EnviroWaste said: "In the few months that we have been working together, the team at Ironbridge has brought a real sense of energy and commercial and strategic support to our business. We are confident that EnviroWaste will prosper in this environment and we look forward to working together with Ironbridge to expand and develop our business."

Contacts
Matt McLellan / Kerry McIntosh +61 2 9250 8725 +61 412 628 439	Justin Kirkwood Kirkwoods Corporate Relations +61 2 9231 5600

About Ironbridge
Ironbridge is a leading provider of private equity capital for growth businesses in the Australasian marketplace. Ironbridge is focused on investments in medium sized management buy out and expansion capital transactions domiciled in Australia and New Zealand.

About EnviroWaste
EnviroWaste is a leading New Zealand-based waste management firm offering waste collection, transfer station and landfill services. The business is represented in all major New Zealand cities either on a stand alone basis or via Joint Ventures. EnviroWaste has enjoyed impressive growth and has developed a strong set of strategic assets that allow it to provide excellent service to both its commercial and municipal council customers. In addition to its core waste handling activities EnviroWaste also offers ancillary consulting services.