DI ENVIRONNEMENT acquired by CAPZA

Blackstone Infrastructure and EQT Infrastructure agreed to jointly acquire Urbaser from Platinum Equity. The two firms will each own 50% of the company and co-manage the asset. The transaction supports Urbaser's strategy to lead the transition towards a circular economy. The new owners plan to invest in expanding the industrial waste segment while maintaining strong municipal relationships. The deal is subject to customary regulatory approvals.

Paprec Group exercised a call option to acquire an additional 30.64% stake in Pizzorno Environnement from the Pizzorno-Devalle family, increasing its total holding to 50.64%. The transaction was valued at EUR62.50 per share, representing a total Equity Value of EUR250M.

Seche Environnement has signed a unilateral purchase agreement to acquire the Flamme Group, a family-owned specialist in hazardous waste management. This acquisition strengthens Seche's geographical footprint in Northern France and expands its capabilities in industrial waste incineration and sanitation. By integrating Flamme's expertise, the group consolidates its leading position in the circular economy and hazardous waste treatment markets across Europe.

The acquisition of Specialacque and Specialspurghi is strategically aligned with the Itelyum's ongoing M&A program, which focuses on consolidating regional market leaders to strengthen its national service network and technological capabilities in waste treatment. By integrating the Brescia-based cluster, Itelyum expands its industrial wastewater treatment footprint and enhances its regional logistics and remediation services in Northern Italy. The acquisition allows the group to benefit from specialized, high-capacity hazardous waste treatment infrastructure, further reinforcing its competitive advantage in the complex waste management segment. The rationale centers on deepening vertical integration within the circular economy ecosystem, as the target’s operational expertise in fluid waste management and chemical analysis directly complements Itelyum’s existing regeneration and purification business units.

Sulo, the European leader in waste containers and compactors, has initiated a secondary LBO with its existing shareholder, Latour Capital. After a previously planned divestment to One Rock Capital in early 2024 did not materialize, Latour Capital opted to reinvest in the company via its fourth flagship fund and a dedicated co-investment vehicle involving roughly ten Limited Partners (LPs).

Ireti has successfully completed the acquisition of the remaining 40% interest in Iren Acqua from F2i Sgr, concluding a long-term institutional partnership. The strategic rationale for this 100% consolidation is to fully internalize the management of the Genoa water basin, allowing for the eventual merger of the target into the parent infrastructure division. This corporate rationalization is expected to extract significant operational synergies and eliminate the leakage of dividends to minority shareholders. By gaining full control, the Group can now more effectively coordinate its multi-year investment plan, focusing on large-scale purification infrastructure and the deployment of advanced leak-detection technologies. This move strengthens the Group's industrial leadership in the national regulated water sector, ensuring that all territorial activities are aligned under a single, unified operational and financial strategy.

Seche Environnement has signed an agreement to acquire Eco Industrial Environmental Engineering, the leading player in Singapore's hazardous waste market. This strategic entry into Southeast Asia allows the French group to support its industrial clients in a high-growth region. By integrating Eco's specialized treatment and recovery capabilities, Seche significantly strengthens its international footprint and enhances its overall growth and profitability profile.

TPG Rise Climate has agreed to acquire a majority controlling stake in A-Gas from KKR. The transaction represents a doubling down on TPG's thematic focus on the circular economy. The strategic rationale centers on scaling A-Gas's ability to recover and recycle critical gases globally, thereby reducing the carbon footprint of the HVAC and industrial sectors. TPG intends to leverage its specific expertise in the US carbon credit market to unlock new value streams for the company. KKR, which had owned the business since 2017, will retain a significant minority stake to partner with TPG in the next phase of growth, while the minority investor LDC will fully exit.

2BSI has completed a new LBO to accelerate its growth in material and energy recovery. Specializing in niche markets like concrete and wood waste recycling, the group maintains long-term partnerships with major institutions such as Enedis and SNCF. This transaction supports 2BSI's goal to lead the circular economy and energy transition by controlling its entire value chain, from infrastructure waste collection to the production of high-value recycled products.

The acquisition of Itelyum by Stirling Capital Partners represents a significant secondary buyout involving the transition of the company from the seller’s third fund to its fourth fund, accompanied by a strategic minority investment from DBAG. The deal structure involves a capital injection and ownership realignment intended to provide the necessary resources for the next phase of international growth and organizational scaling. The strategic rationale for the transaction is twofold: to consolidate the company’s market-leading position in the circular economy and to aggressively pursue an inorganic growth strategy, with a specific focus on expanding the platform’s European footprint, particularly into the German market. The management team has committed to a significant reinvestment, ensuring strong alignment between the shareholders and the executive leadership.