Simon and Paula Herbert buy into NZX-listed WasteCo

Paula and Simon Herbert have bought a $15 million stake in a skip hire, waste management and sweeping business. Photo / NZME

Marina, data centre and dredging investors Simon and Paula Herbert have bought into NZX-listed waste management firm WasteCo in a deal the company says will allow it to buy another business.

The Herberts’ Empire Waste Technology bought a $15 million stake in WasteCo to help fund it to buy Civic Waste, a North Island-based business.

“We are delighted to support WasteCo in this exciting acquisition,” Simon Herbert said today.

The New Zealand waste industry presented a counter-cyclical investment opportunity, he said.

“We believe WasteCo is uniquely positioned to drive sustainable growth and innovation in this sector.

“This partnership reflects our commitment to fostering impactful change and contributing to the development of critical infrastructure in New Zealand.”

The convertible note investment meant WasteCo could expand into the North Island.

Today’s announcement followed abandoned moves by the Herberts in August to buy 50.01% of NZX-listed fibre business Vital.

Empire Capital Trust approached Vital to make a partial takeover offer for 50.01% at 37¢ a share, but Vital rebuffed the overture.

The Herberts have consent for a $300m scheme to develop land at their Bayswater Marina on the North Shore.

Late last year, the Environment Court gave consent for the Herberts’ company to proceed with plans to build 64 apartments at the marina.

Judge Jeff Smith in the Environment Court at Auckland issued his decision that allowed Bayswater Marina Holdings to develop the scheme.

Anne Gibson has been the Herald’s property editor for 24 years, written books and covered property extensively here and overseas.