Cube Infrastructure Managers is buying a municipal waste collection platform in the Nordics for its third fund.

The European mid-market infrastructure fund manager is investing an undisclosed amount on behalf of Cube Infrastructure Fund III to acquire Urbaser Nordic (Nord) from Spanish waste management group Urbaser.

Nord has operations across Denmark, Norway, Sweden and Finland. The company serves 100 municipalities and more than 5m inhabitants. Nord’s revenues are underpinned by a diversified portfolio of more than 175 medium to long-term contracts with local authorities.

Cube said it plans to support management with both capital and sector expertise to accelerate the company’s growth in the Nordic countries in its core municipal waste collection segment as well as in synergetic industrial & commercial collection and in the Danish waste treatment sector.

The latest deal represents Cube Infrastructure Fund III’s 12th investment since 2021 and its second investment focused on municipal waste collection.

Stefan Weis, partner of Cube Infrastructure Managers, said: “Our investment in Nord illustrates Cube’s strategy to build on our existing sector knowledge to identify new investment opportunities with strong infrastructure characteristics in attractive geographies.

“After the successful transformation of Nord over the last few years under Urbaser’s ownership, we are excited to partner with the group’s management and we look forward to supporting the group in addressing the opportunities that the dynamic Nordic market offers.”

Fernando Sogo Soto, managing director of Urbaser Nordic, said: “The partnership with Cube will allow Nord to continue our strong growth by providing excellent service to our local communities and customers.”

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