I Squared Capital’s third global infrastructure fund is buying Enva, an environmental services company in the UK and Ireland.
I Squared Capital said its ISQ Global Infrastructure Fund III has agreed to acquire Enva for an undisclosed amount.
Enva conducts waste collection, processing and resource recovery at 34 facilities across the UK and Ireland, serving more than 20,000 industrial, energy, automotive and other customers.
I Squared said the acquisition supports its environmental infrastructure strategy, which aims to build a portfolio of waste processing and recycling, industrial waste-to-energy, and wastewater treatment assets in the Americas, Europe and Asia-Pacific.
ISQ Global Infrastructure Fund III’s environmental infrastructure portfolio includes a majority interest in Australian organics recycling company Soilco and VLS Environmental Solutions, which provides customised waste and speciality cleaning and repair services to a variety of regulated industries in North America.
A year ago, I Squared Capital raised $15bn (€13bn) for ISQ Global Infrastructure Fund III. Including commitments from I Squared Capital and a dedicated co-investment vehicle, the fund had $15.5bn in investable capital at close, the manager said at the time.
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