ITELYUM
Acquired by
STIRLING SQUARE CAPITAL / DEUTSCHE BETEILIGUNGS (DBAG)
ITELYUM acquired by STIRLING SQUARE CAPITAL / DEUTSCHE BETEILIGUNGS (DBAG)
Target
ITELYUM
Acquirer
STIRLING SQUARE CAPITAL / DEUTSCHE BETEILIGUNGS (DBAG)
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 LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN.
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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
LOGIN
Equity Value
LOGIN
Multiples Analysis
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Other operations with ITELYUM
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2025 | ITELYUM | SPECIALACQUE AND SPECIALSPURGHI | ITALY | Utilities (Regulated Infrastructure) | 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. |
REFERENCES
Authors: mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Target: itelyum
Acquirer: stirling square capital / deutsche beteiligungs (dbag)