First Sentier Investors (FSI) managed funds have acquired a UK waste-to-energy business.

The funds, including the European Diversified Infrastructure Fund (EDIF III) and EDIF co-investors, have invested an undisclosed sum to buy Wheelabrator UK.

Wheelabrator UK’s portfolio comprises interests in seven waste-to-energy facilities. The facilities include three facilities held through Multifuel Energy, a joint venture which will now be fully controlled by FSI as a result of the acquisition.

Niall Mills, head of global infrastructure investments at First Sentier Investors, said: “The acquisition of Wheelabrator UK is fully aligned with our strategy to invest in critical infrastructure assets, with this transaction securing significant capital deployment in another high-quality business with strong ESG credentials for our investors.

“We have been impressed with the company’s successful track record in developing and operating a portfolio of best-in-class waste-to-energy plants across the UK As a long-term investor, we look forward to supporting management in growing the portfolio further and are excited about the journey ahead.”

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