EQT Infrastructure VI fund has agreed to acquire a majority position in Heritage Environmental Services (HES) from The Heritage Group.

Founded in 1970, HES provides industrial waste management services in the US. The company, which has its headquarters in Indianapolis, has 37 highly regulated facilities strategically located in key industrial hubs across the US. HES and its nearly 1,600 staff safely manage approximately 660,000 tonnes of industrial waste every year, across a thousand waste types.

Juan Diego Vargas, partner in EQT’s infrastructure advisory team, said: “EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society. EQT is excited to partner with the entire HES team and to invest in organisational, operational and digital technology initiatives that will enhance HES’s ability to provide reliable and compliant final disposal to complex industrial waste challenges.”

Jeff Laborsky, CEO of HES, said: “Combined with EQT, our joint commitment is to continue to bring the most innovative reuse, recycle, treatment, and disposal solutions in the US. HES is at the forefront of providing sustainable solutions to our customers and EQT’s partnership will accelerate our growth and investment in expanding our differentiated offerings. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q1 2024.

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