Macquarie Asset Management is buying a waste management company on behalf of its sixth European infrastructure fund.
The manager’s €6bn Macquarie European Infrastructure Fund 6 fund, has agreed to acquire Beauparc Utilities from founder Eamon Waters and Blackstone Tactical Opportunities Fund for an undisclosed amount.
Beauparc is a recycling and processing led waste-to-resource business with a market leading position across Ireland, and a significant growing presence in the UK and the Netherlands. Beauparc-owned businesses serve over 340,000 residential, commercial, electricity and gas customers across a portfolio of 40 waste facilities, where more than three million tonnes of waste is processed each year.
Beauparc is seeking to increase the amount of recyclable waste through significant investments in plastics recycling, soil restoration and anaerobic digestion.
Leigh Harrison, the head of Macquarie Infrastructure and Real Assets, said: “We see a significant opportunity to build on Beauparc’s strong reputation in the sector, investing to support the growth of the circular economy through projects that divert waste from landfill.
“We look forward to partnering with its team to support Beauparc’s long-term growth plans, maintaining its strong focus on customers, health and safety, and sustainability.”
Waters said: “Over 30 years, it has been an honour to see Beauparc grow from a two-person operation in Ireland to a business which employs more than 2,300 people across three markets. Our team has worked tirelessly to build the trust of our clients and the communities we serve. We are pleased to have found a new owner to shape the next chapter of Beauparc’s growth story.”
Amer Khatoun, managing director at Blackstone said: “Our minority investment in Beauparc reflects our continued strategy of supporting entrepreneurs to grow their businesses.”
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