MML led an investment of c.£20 million in NWP in 2021, alongside the management team, led by NWP CEO, Colm Warren and 57 Stars LLC. MML’s growth and development funds are backed by British Business Investments, AIB and a number of international institutional investors, and are dedicated to backing small and mid-sized Irish businesses.

Headquartered in Belfast, NWP has a leading position in the organic waste re-cycling market. It manages 330,000 tonnes of organic waste annually across Ireland producing high quality peat free compost with significant benefits for soil health and carbon sequestration. It has diverted more than 1.5 million tonnes of organic waste from landfill over the past five years, playing an influential role in the circular economy.

Colm Warren, CEO of NWP, said:

“Today represents another key milestone in the development of our business. My colleagues and I are grateful to MML and 57 Stars for their faith in us and in the development potential of the business. In addition to their investment, MML and 57 Stars brought valuable advice and support to us, which is a mark of their approach elsewhere in Ireland. They have been outstanding partners and we wish both firms continued success for the future.”

He continued: “This is a significant milestone not only in the continued evolution of NWP as a business but for the organics, soil health and decarbonisation sectors on the island. NWP is an example of how a local SME, with the right support, vision and motivation, can evolve to the point where it becomes an attractive platform for globally focused, environmentally aware institutional capital. We are delighted that Ara Partners share our vision for the future and look forward to working with them to continue to realise our huge potential.”

Neil McGowan, Co-Head of Investments at MML Ireland, commented:

“NWP is a prime example of the development potential of Irish SME’s operating in the environmental sector. Over the past three and a half years, we have seen how a driven, progressive management team, led by Colm, has built out the opportunity. NWP is an outstanding example of the circular economy in action.”

He continued: “NWP exemplifies MML’s blueprint for strategic partnership investments, which emphasises a collaborative approach and shared values with management teams and founders. In tandem with 57 Stars, our investment and guidance fuelled management’s ambition. In evolving to new ownership under Ara Partners, NWP is positioned to continue to develop and realise its undoubted potential.”

Bernard C. McGuire Jr, Managing Director at 57 Stars, commented:

“When we invested alongside MML in NWP in 2021, we liked that the Company had both a compelling financial return profile and the potential for positive impact on environmental sustainability, a focus sector of ours. We are pleased to have supported the Company in partnership with MML as the management team grew the Company’s platform and are thrilled that its success has attracted larger institutional capital into Northern Ireland in the form of Ara Partners’ investment.”

EY advised the shareholders of NWP. Mills Selig acted as legal advisers to NWP while Arthur Cox acted for management. EY provided financial due diligence with tax due diligence and structuring provided by EY and PWC.