Infrastructure fund manager F2i and a syndicate of international banks have provided €430m in long-term debt to refinance Nordic environmental services platform Verdis.

F2i provided non-bank debt alongside lenders Nomura, Danske Bank, Jyske Bank, HCOB, Intesa Sanpaolo and SEB.

The financing for the Cube Infrastructure Managers-owned platform includes €180m in capex and revolving credit facilities to support fleet electrification and future acquisitions.

Verdis was originally acquired by Cube Infrastructure in November 2023 under its former name, Urbaser Nordic, on behalf of Cube Infrastructure Fund III.

Operating across Denmark, Norway, Sweden and Finland, the municipal waste collection platform was subsequently rebranded to Verdis before expanding its ownership structure in September 2024, when UK pension scheme Railpen acquired a 25% stake.

Over this period, Verdis has completed six bolt-on acquisitions.

Stefan Olin, CEO of Verdis, said: “This refinancing gives our teams the means to keep doing what we do best: delivering reliable, high-quality waste services every day to the municipalities, businesses and citizens we serve across the Nordic countries.

“It allows us to mobilise the contracts we have recently won, further advance the transition of our fleet to zero-emission trucks and continue investing in sorting and treatment capacity to strengthen our position as a leading circular economy platform in the Nordics.”

Stefan Weis, partner, head of transport and environment, and Ambroise Bayen, investment director, Cube Infrastructure Managers, said: “We invested in Verdis in 2023 with the objective of creating a cohesive group with local empowerment and supporting management with both capital and sector expertise to accelerate its growth in municipal waste collection as well as in synergetic industrial & commercial collection and waste treatment.

“This refinancing recognises the progress achieved since then as well as the resilience of the business and provides Verdis with a long-term capital structure to facilitate investments in new contracts and further investment in fleet electrification and waste treatment capacity.”

Stéphane Calas, partner, head of financing and operational control, Cube Infrastructure Managers, said: “We are very pleased with the outcome of this process, which attracted significant interest from high-quality infrastructure lenders.

“The dedicated capex facility aligns Verdis’ financing with its growth plan, giving the company the flexibility to fund new contract mobilisations and acquisitions as opportunities arise.”

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Raz joined the IPE editorial team in 2017 as news editor of IPE Real Assets. He has over 15 years of experience as a financial journalist, having worked for Dow Jones Newswires and The Wall Street Journal where he worked as an equities reporter covering corporate news. He later covered consumer finance and moved on to become a leisure reporter and helped manage the London corporate news and small-cap desk.View full Profile

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