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07/2025Minority

Capza invests in Di Environnement

FRANCE Utilities (Regulated Infrastructure) / Waste Management / Hazardous Waste EV €100–350M

Context

DI Environnement opened its capital to a financial partner for the first time by welcoming Capza as a minority shareholder (holding a 5% stake). The transaction involved an investment of over €30 million through a mix of equity and non-dilutive rate instruments from the Flex 6 fund. The strategic rationale is to shift from purely organic growth to an aggressive "buy-and-build" strategy, with the ambition of doubling the company's size within five years. The deal was complemented by a senior debt package arranged by BPCE and Crédit Agricole. The focus will be on diversifying into adjacent decontamination activities, consolidating the French territory, and initiating international expansion into neighboring countries with similar regulatory frameworks.

Di Environnement, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

Target

DI Environnement is a leading French provider of environmental decontamination and hazardous waste management services. Originally specialized in asbestos removal, the group has diversified into lead removal, soil and surface remediation, waste recycling, and industrial cleaning. It operates an integrated and digitalized industrial model with 20 agencies, seven workshops, and a workforce of over 650 employees (including operations in Côte d'Ivoire). The company serves public sector entities, demolition firms, and major industrial groups.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€100–200M
€10–30M
[members only]
2023
€100–200M
€10–30M
[members only]

Other operations with Capza

Other operations with Capza
DateAcquirerTargetCountrySector
06/2026CAPZARESPIREFRANCEHygiene & Beauty Brands
01/2026CAPZAUUDSFRANCEMRO (Maintenance, Repair & Overhaul)
12/2025CAPZAMYRIUMFRANCEMaintenance
12/2024CAPZAIMDEVFRANCERadiology
10/2024CAPZAJVS GROUPFRANCEIndustry-Specific Software
01/2024CAPZAASYSFRANCEERP, HR & Finance
10/2023CAPZATRAVELSOFTFRANCETravel & Hospitality
06/2023CAPZAARLETTIEFRANCESpecialized Retail
03/2022CAPZAWIFIRSTFRANCEOperators
10/2021CAPZAEDUSERVICESFRANCEEducation Providers

Similar deals in Utilities (Regulated Infrastructure)

Similar deals in Utilities (Regulated Infrastructure)
DateAcquirerTargetCountrySector
10/2025ITELYUMLA CARTITALYCollection & Recycling
08/2025TAQAGS INIMASPAINWater
06/2025SECHE ENVIRONNEMENTGROUPE FLAMMEFRANCEWaste Management
03/2025LATOUR CAPITALSULOFRANCECollection & Recycling
03/2025ITELYUMSPECIALACQUE AND SPECIALSPURGHIITALYWaste Management
02/2025IRETIIREN ACQUAITALYWater
01/2025APOLLO GLOBAL MANAGEMENT / BC PARTNERSGFL ENVIRONMENTAL SERVICES BUSINESSCANADAHazardous Waste
06/2024VEOLIAENVIROPACIFICAUSTRALIAHazardous Waste
06/2024SECHE ENVIRONNEMENTECO CORPORATE ENVIRONMENTAL ENGINEERING (ECO)SINGAPOREHazardous Waste
11/2023PIONEER POINT PARTNERSESKEN RENEWABLESUNITED KINGDOMWaste-to-Energy

REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EBITDA range: €10–30M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Di Environnement by Capza are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: capza

FAQ

What transaction does this page cover?

This page covers the acquisition of a minority stake in Di Environnement, a French company specialised in Waste Management, by Capza in 2025.

How was the acquisition of Di Environnement by Capza valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Di Environnement’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Di Environnement generated annual revenue estimated in the €100–200M range and EBITDA in the €10–30M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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