Investment giant Patrizia has expanded its pan-European circular economy platform with an investment in Greenthesis, an Italian waste management company, at an equity value of approximately €340 mln.
Patrizia, through its flagship European mid-market infrastructure strategy, will aim to acquire a 40% equity stake in the group upon successful completion of a mandatory takeover offer, continuing its active investment programme in opportunities driving the global energy transition.
Through its various business lines and extensive network across Italy, Greenthesis provides a circular economy solution for the treatment of waste across the entire value chain. It has expertise in both urban and special waste sectors, with a key focus on the most significant value-add activities in the waste-based circular economy, such as remediation, treatment and disposal.
Greenthesis owns and operates 20 industrial sites predominantly across northern and central Italy which are dedicated to waste management, energy from waste (EfW), environmental remediation and landfill management activities.
Thanks to its assets, the Greenthesis group is able to process more than 1 million tons of industrial and urban waste annually, while it has an order backlog of more than €350 mln.
The Greenthesis platform benefits from a significant pipeline that will see it become one of the main players active in the circular economy in Europe.
It has €350 mln of remediation projects lined up over the next 10 years, as well as a €140 mln capex pipeline that will deliver plant improvements, innovative treatments and green energy over the next three years.
The capex programme is underpinned by a strong regulatory environment that includes the EU’s National Plan of resilience and recovery.
Matteo Andreoletti, head of infrastructure equity for Europe and North America at Patrizia, said: 'We are incredibly excited to strengthen our footprint in Europe’s circular economy with our investment in Greenthesis, which is not only Italy’s leading independent waste management player, but a highly complementary partner for Patrizia’s growing energy-from-waste platform.
'With our future communities and societies shaped by the drive to low carbon economies, innovative green energy solutions that support the global energy transition will provide attractive investment opportunities that deliver sustainable long-term returns for investors.'
Founded over 30 years ago, Greenthesis has grown organically as well as through a series of acquisitions and partnerships, and today, has over 500 people. The company benefits from an experienced senior leadership team that includes members of the founding Grossi family and managers with more than a decade of industry experience.
With the investment, Patrizia significantly expands its footprint in Europe’s energy circular economy, supporting the transition to net zero economies across the continent. Its portfolio includes a majority stake in Biomet, Europe’s largest plant producing bio-LNG from biomethane coming from bio-waste.
Biomet’s liquefaction facility has capacity for 8,800 tons of bio-LNG per year, with the potential to increase to 26,400 tons. Patrizia’s portfolio also includes Saren Energy, which operates three EfW facilities in the Nordics capable of processing 180,000 tons of waste per year.
Patrizia Infrastructure was advised by DC Advisory (financial), GOP (legal), EY (commercial, technical, financial and tax), WTW (insurance) and Blunomy (social and governance).
