Agreement to Sell Contract Resources to Cleanaway Waste Management
Sydney, Australia – March 2025 – SCF Partners is pleased to announce its agreement to sell Contract Resources to Cleanaway Waste Management (“Cleanaway”).
Founded in 1989, Contract Resources is a specialist provider of highly technical, critical path services for energy and industrial process infrastructure across Australia, New Zealand and the Middle East with an exemplary safety record, reputation for best-in-class service delivery, and a history of continuous innovation to enhance customer outcomes. The agreement with Cleanaway partners Contract Resources with one of Australia’s largest total waste management solutions providers that will create a platform offering highly complementary specialized industrial services. With Cleanaway’s support Contract Resources will be better positioned to service the material growth in opportunities for the decommissioning of ageing energy infrastructure. Under the agreed acquisition, Contract Resources will retain its name and brand while the team will transition across to Cleanaway and will continue to be led by CEO, Mike Charles.
The agreed transaction is at a headline valuation of A$377 million and remains subject to customary conditions, including clearance by the Australian Competition and Consumer Commission.
Headquartered in Australia, Contract Resources is included in SCF’s portfolio of Fund IX investments. Andy Waite, Chairman of Contract Resources and Managing Partner of SCF Partners, stated, “The team at Contract Resources have been wonderful partners to SCF since our investment in 2019 and we are hugely appreciative of all of their efforts. We feel that Cleanaway is an excellent strategic fit for Contract Resources and a good long-term home for the business. We are excited to watch the development of Contract Resources in partnership with Cleanaway and wish the whole team at both companies all the best in this exciting new chapter.”
Mike Charles, CEO of Contract Resources, said, “Since SCF Partners’ investment in 2019, Contract Resources has achieved outstanding growth, doubling our revenue and expanding our service offerings. Our success in specialized industrial solutions, is a result of our commitment to safety, innovation, and service quality. The acquisition by Cleanaway is a significant milestone, positioning us to capitalize on new growth opportunities, particularly in the decommissioning of aging energy infrastructure. I am incredibly proud of our accomplishments under SCF’s ownership and look forward to an exciting future with Cleanaway.”
Contract Resources was represented by MA Moelis Australia and Moelis & Company LLC as corporate advisor, KPMG as financial and tax advisor, and Clifford Chance as legal counsel.
About Contract Resources
Contract Resources is a specialist provider of critical path technical maintenance services to the energy and mineral processing industries’ highest value and most complex assets across Australia, New Zealand and the Middle East. The business provides a range of specialized industrial and mechanical services including Catalyst handling, decontamination and chemical cleaning, hydro-jetting and cold cutting and tank and environmental services. For more information, please visit https://contractresources.com/
About Cleanaway
Cleanaway Waste Management Limited is one of Australia’s largest total waste management solutions provider. Cleanaway has been serving Australia for over 50 years, providing customers with exceptional service and capacity to deliver total waste solutions, encompassing collection, processing, treatment, recycling, and safe disposal. Cleanaway’s Industrial and Waste Services offers a wide range of plant and asset management services that provide solutions to reduce production downtime. For more information, please visit https://www.cleanaway.com.au/