08/2021MajorityLBO

Stirling Square Capital & Deutsche Beteiligungs (DBAG) take majority stake in Itelyum

ITALY Utilities (Regulated Infrastructure) / Waste Management REV €250–500M

Context

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.

Itelyum, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of [members only].

Target

Itelyum is a prominent national leader and international player in the management, recycling, and valorization of industrial waste. Headquartered in Lodi, Italy, the group serves as a central reference point for sustainable industrial solutions, supporting the transition toward a circular economy. The company’s operations are organized around distinct pillars: the regeneration of used lubricating oils into high-quality base oils, the purification of industrial solvents for chemical and pharmaceutical industries, and a comprehensive integrated waste management service. This integrated model provides a one-stop-shop for waste producers, covering the entire lifecycle from collection and storage to transport, pre-treatment, and chemical analysis. With a strong track record of over thirty acquisitions in the last decade, Itelyum has significantly expanded its footprint across Europe, including Serbia, Croatia, Germany, and France. The group’s strategy emphasizes the industrialization of waste treatment processes, enhancing material recovery rates, and providing high-value technical services to complex, highly regulated industries.

Ent. Value

[members only]

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Itelyum

Other operations with Itelyum
Date	Acquirer	Target	Country	Sector
10/2025	ITELYUM	LA CART	ITALY	Collection & Recycling
03/2025	ITELYUM	SPECIALACQUE AND SPECIALSPURGHI	ITALY	Waste Management

Other operations with Stirling Square Capital / Deutsche Beteiligungs (DBAG)

Other operations with Stirling Square Capital / Deutsche Beteiligungs (DBAG)
Date	Acquirer	Target	Country	Sector
04/2023	STIRLING SQUARE CAPITAL	TAPÌ	ITALY	Packaging & Containers
02/2019	STIRLING SQUARE CAPITAL	VERESCENCE	FRANCE	Glass Packaging
07/2015	STIRLING SQUARE CAPITAL	SIBLU VILLAGES	FRANCE	Hotels & Accommodation

Similar deals in Utilities (Regulated Infrastructure)

Similar deals in Utilities (Regulated Infrastructure)
Date	Acquirer	Target	Country	Sector
09/2023	EURAZEO	2B SERVICES & INNOVATIONS	FRANCE	Waste Management
09/2023	TPG	A-GAS	UNITED KINGDOM	Hazardous Waste
06/2021	PLATINUM EQUITY	URBASER	SPAIN	Waste Management
06/2021	PENNON	BRISTOL WATER	UNITED KINGDOM	Water
09/2020	ANTIN INFRASTRUCTURE	MIYA WATER	SPAIN	Water
03/2020	KKR	VIRIDOR	UNITED KINGDOM	Waste-to-Energy
07/2019	ANTIN INFRASTRUCTURE	VICINITY ENERGY	UNITED STATES	District Heating
04/2019	SECHE ENVIRONNEMENT	MECOMER	ITALY	Hazardous Waste
01/2019	BRIDGEPOINT	MIYA WATER	SPAIN	Water
06/2018	ICON INFRASTRUCTURE	ECOERIDANIA	ITALY	Hazardous Waste

REFERENCES

Revenue range: REV €250–500M

EBITDA range: €50–100M

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Itelyum by Stirling Square Capital / Deutsche Beteiligungs (DBAG) 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.

Target: itelyum

Acquirer: stirling square capital / deutsche beteiligungs (dbag)

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Itelyum, an Italian company specialised in Waste Management, by Stirling Square Capital and Deutsche Beteiligungs in 2021, structured as a leveraged buyout (LBO).

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

At the time of the transaction, Itelyum generated annual revenue estimated in the €250–500M range and EBITDA in the €50–100M bracket (FY 2021). 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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