Basalt Infrastructure Partners has acquired Danish environmental services company Reconor Group for one of its funds from Agilitas Private Equity.
Reconor helps companies and municipalities reduce waste generation and the use of natural resources.
The company remediates more than 2.1m tonnes of soil per year and handles more than 800,000 tonnes of mainly reusable waste, overseeing 230 trucks and 31,000 containers across Denmark.
Agilitas said that, under its ownership, Reconor was transformed from a regional logistics and treatment plant operator to a sustainable environmental logistics and resource solution provider with national coverage, operating across the waste management value chain.
The group has expanded across Denmark through the addition of five new recycling and remediation sites, added a business line in soil landfilling, and now also remediates waste and soil for clients outside Denmark.
Kevin Iermiin, partner at Agilitas and member of the Reconor board, said: “When we initially backed Reconor, we were attracted to the business because of its infrastructure-like characteristics combined with its transformational potential.
“It has been a pleasure to work with Henrik Nordenlund and his team, who have transformed Reconor into the leading Danish environmental services company.”
Henrik Nordenlund, CEO of Reconor, added: “The development of Reconor into a leading contributor to Denmark’s circular economy has been a fantastic journey built on a strong cooperation between Agilitas, the board and over 600 motivated and dedicated employees of City Container, Norrecco and Reconor.
“Reconor has set new standards for our industry, offering innovative and future-ready solutions to our customers, including a one-stop-shop environmental solution for construction waste and reusable resources. We look forward to continuing Reconor’s exceptional growth journey with Basalt.”
Martin Calderbank, managing partner at Agilitas, said: “Reconor is an inherently sustainable business that provides environmental solutions to help tackle the issue of diminishing natural resources caused by a growing population and overconsumption. We are proud that under Agilitas’s stewardship Reconor has undergone a dramatic step-change in performance to improve its ability to address this environmental challenge.”
