Providing clients with unambiguous, independent and objective advice, we are the preferred provider of commercial due diligence in our market sectors.

The Tolvik team has a comprehensive knowledge of the market and extensive experience in the commercial review of waste supply contracts.

This means that we are uniquely well placed to provide clients with commercial due diligence services either in support of specific project assets or as part of broader M&A (Mergers & Acquisition) activity.

Contract review and market analysis are just parts of the due diligence process.  An essential element of our approach to due diligence is to engage in active dialogue with project participants – in particular seeking to understand both their perception of risk and their rationale for participating in a transaction.

We take time to understand what is and what is not important to investors in the sector, helping to define the initial scope of the due diligence and, as is often the case, identifying the critical issues to pursue as the due diligence continues.  As a result Tolvik has earned its reputation through providing clients with unambiguous, independent and objective advice upon which they can rely.

Supported by Professional Indemnity Insurance of up to £10m we have been engaged by both debt and equity investor across project finance, refinancing and M&A activity for investments ranging in scale from £5m to £1.5bn.

A selection of Project Finance projects undertaken

2018
Commercial Advisor
220ktpa
Earls Gate
Energy Centre
Senior Debt Investors
2018
Commercial Advisor
£200m EfW Debt
Refinancing
Debt Investors
2017
Commercial Advisor
600ktpa Dublin EfW
Debt Refinancing
Debt Investors
2017
Commercial Advisor
570ktpa Ferrybridge
FM2 EfW Debt
Financing
Senior Debt Investors
2017
Commercial Advisor
785ktpa Riverside
EfW Refinancing
Senior and Junior Debt Investors
2016
Commercial Advisor
525ktpa K3CHP
EfW
Senior Debt Investors
2016
Commercial Advisor
200ktpa Parc Adfer
EfW
Senior Debt Investors
2015
Commercial Advisor
240ktpa Energy
Works ACT
Equity Investors
2015
Commercial Advisor
49MW Port
Clarence Recycled
Wood Biomass
Deutsche Bank and EKF as senior debt investors
2015
Commercial Advisor
12.3MW Levenseat
ACT
Investec as senior debt investors
2015
Commercial Advisor
120ktpa Full Circle
Generation ACT
Equity Investors

A selection of Corporate and M&A appointments

2019
Market Advisor
Sale of Biomass and
Biofuel CHP Assets
Vendor’s biofuel market due diligence and advice
2018
Commercial Advisor
1.5bn sale to
Dalmore
Consortium
Vendor and Investor due diligence
2018
Market Advisor
Purchase of CNIM
interest in 4 EfWs
Investor market due diligence and advice
2018
Commercial Advisor
€400m purchase
by 3i/DWS
Investor UK export market due diligence
2018
Waste Market Advisor
Purchase of Assets
from NIBC
Infrastructure Fund
Belgian waste market due diligence
2016
Market Advisor
2016 IPO Process
Provision of market information
2015
Market Advisor
Purchase of 5
Biomass Plants
Octopus Investments
2015
Commercial Advisor
£96m
Recapitalisation
Agrivert