CVC takes majority stake in EcoEridania

The infrastructure investment fund CVC DIF signs a definitive agreement to acquire a 75 percent majority stake in the Italian waste management operator EcoEridania S.p.A. from iCON Infrastructure Operations Limited. Officially announced on July 17, 2026, this leveraged buyout establishes an enterprise value of €1–10bn. Under the rigorously negotiated capital restructuring, the exiting financial sponsor iCON Infrastructure completely divests its controlling interest, formally concluding a successful holding cycle that began in 2018. Concurrently, the targeted entity's founding Chief Executive Officer, Andrea Giustini, operating through his family holding company Roccaforte S.r.l., will actively increase his existing minority block, reinforcing his strategic alignment with the incoming institutional shareholder. At the time of this cross-border capital transition, the acquired environmental platform demonstrated robust financial fundamentals, generating an annual revenue of €250–500M alongside a consolidated EBITDA of €100–200M. The acquiring sponsor executes this capital injection directly through its dedicated DIF Infrastructure VIII investment vehicle, officially marking the division's inaugural direct transaction in Italy following the inauguration of its local corporate branch. The strategic rationale articulated by the incoming board focuses on deploying fresh programmatic capital to aggressively scale both the medical and industrial segments of the business, pursuing selected organic initiatives and targeted inorganic consolidation opportunities to capture further market share. To orchestrate this complex multijurisdictional ownership transfer, the incoming financial sponsor mandated a dedicated advisory consortium featuring Citi and Jefferies as lead financial advisors, accompanied by Clifford Chance for comprehensive legal structuring. On the sell side, the exiting private equity firm retained JP Morgan to conduct the financial auction and Chiomenti as its exclusive legal counsel. Furthermore, the reinvesting founder secured independent transaction support from Lazard acting as sole financial advisor, alongside the law firm Hogan Lovells Cadwalader navigating the legal perimeters. Subject to the fulfillment of customary closing conditions, the definitive completion of this structural handover is officially anticipated during the fourth quarter of 2026.

As a reminder, EcoEridania had previously welcomed Xenon Private Equity to its capital in 2014.