EQT and Blackstone infrastructure funds have agreed to acquire Spain-based waste management and environmental services firm Urbaser from Platinum Equity in a $6.6bn (€5.6bn) deal.
Platinum Equity acquired Urbaser in October 2021 from China Tianying for an enterprise value of approximately $4.2bn.
Upon completion of the transaction, EQT Infrastructure V and Blackstone will each hold a 50% stake in Urbaser and jointly manage the firm.
As part of the transaction, Platinum Equity said it will retain Urbaser’s waste management business in Argentina.
Established more than 30 years ago, Urbaser is a global provider of integrated environmental services and waste management.
Guillermo García-Barrero, partner at EQT Infrastructure, said: “Urbaser has a long track record of partnering with municipalities and industrial clients to provide them with advanced waste treatment and collection infrastructure services.
“Together with Blackstone, we look forward to supporting Urbaser’s management team and employees to continue to invest in the circular economy and create lasting value for society.”
Adam Kuhnley, co-head of European Investments, Blackstone Infrastructure, added: “As Spain’s leading waste management and environmental services platform, Urbaser is renowned for its technical expertise, decades-long experience and long‑standing customer relationships.
“We are excited to partner with management and EQT to support the company’s next phase of growth as it capitalises on strong demand for greater resource efficiency.”
Louis Samson, co‑president of Platinum Equity, said: ”Over the past years we have worked tirelessly to strengthen the business, simplify its structure, and unlock its potential as a true environmental infrastructure platform.
“With a seasoned management team in place alongside a focused strategic plan, the company has all the tools necessary for continued success in the next phase of its journey.”
Igor Chacartegui, MD at Platinum Equity, said: “The transformation of Urbaser demonstrates the power of our M&A&O approach and the strength of our on-the-ground capabilities in Spain and in Europe. Urbaser has delivered strong financial performance, the result of a multi‑year transformation driven by organic growth initiatives, operational improvements, and very active and hands-on portfolio optimisation.
“The volume and complexity of the work we did together is hard to describe but we believe the results speak for themselves.”
To read the latest IPE Real Assets magazine click here.
