CVC takes majority stake in EcoEridania
Context
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 . 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 alongside a consolidated EBITDA of . 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.
Target
EcoEridania is an Italian operator that provides fully integrated waste management services across the medical and industrial sectors. Established in the late eighties in Genoa, the firm has built a vertically integrated platform that encompasses waste collection, transportation, secure storage, treatment, recovery and final disposal. Its service portfolio addresses the stringent regulatory requirements of healthcare institutions as well as the diverse needs of industrial clients, handling hazardous and non‑hazardous streams through a network of treatment and disposal facilities distributed nationwide. The company operates an extensive fleet of specialised vehicles and maintains a logistics infrastructure that ensures end‑to‑end traceability and compliance. By leveraging proprietary treatment technologies and a robust compliance framework, EcoEridania delivers value through material recovery and environmentally responsible disposal. The client base includes hospitals, clinics, pharmaceutical manufacturers, and a broad spectrum of heavy‑industry operators. Strategic growth has been pursued through organic network expansion and selective acquisitions that have broadened geographic coverage and enhanced service capabilities. The organization’s headquarters remain in Genoa, while operational sites extend across the Italian peninsula, providing a national footprint that supports consistent service delivery to a diversified clientele.
Ent. Value
Equity Value
Multiples
EV / Revenue
EV / EBITDA
EV / EBIT
Historical Financials (EUR)
Other operations with EcoEridania
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2018 | ICON INFRASTRUCTURE | EcoEridania | ITALY | Hazardous Waste |
REFERENCES
Valuation range: EV 1b - 4b EUR
Revenue range: 250M - 500M EUR
EBITDA range: 100M - 200M EUR
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Press release: view release
Target: ecoeridania
Acquirer: cvc