Elysian Capital II LP realisation and Elysian Capital CV I LP in Fortis IBA

Elysian Capital LLP is pleased to announce the realisation of Elysian Capital II LP’s interests in Fortis IBA with the completion of a Continuation Vehicle.

Fortis is a leader in the circular economy, processing the Incinerator Bottom Ash (IBA) that remains after energy is created from waste to recover metals and produce a low carbon aggregate for use in construction.

Elysian invested in the Raymond Brown group of companies in 2016, subsequently selling Raymond Brown Waste Solutions Ltd in 2019 and separating the Fortis and Quarry divisions into individual entities earlier this year. Since Elysian invested, the Fortis business has moved from two IBA processing locations to four and doubled the volume of IBA processed. There is a strong pipeline of contracts while planned plant upgrades should enhance metal revenue yields.

Ken Terry, CEO said: “We are delighted to have closed the Continuation Vehicle, delivering a good return for Fund II and offering our new investors the opportunity to support Fortis’s exciting growth story.”

The Continuation Vehicle was led by Flexstone Partners with Mercer as co-lead and the transaction not only provided funds for exiting Fund II investors, but also new capital for the expansion of the Fortis Group.

Elysian Capital was advised by: Raymond James (placing agent), Stephenson Harwood (legal); Alvarez and Marsal (tax).