MOULINOT acquired by MEANINGS CAPITAL PARTNERS

Derichebourg SA has signed a binding agreement to acquire 100% of the share capital of Scholz Recycling. This strategic acquisition is a cornerstone of Derichebourg's international growth strategy, designed to consolidate its position as a global leader in the metal recycling sector. The transaction emerged from a competitive auction process conducted by independent receivers, initiated after the enforcement of securities at Scholz's parent holding company, Chiho Environmental Group Limited. Derichebourg successfully secured the deal, highlighting its strong financial position and industrial strategy. It was noted that Scholz is an operationally sound and financially healthy company, with its activities being distinct and preserved from its parent's difficulties. The strategic rationale for the acquisition is threefold: it significantly expands Derichebourg's operational footprint into key European territories where it has a limited presence; it positions the combined entity to capitalize on the decarbonization of the European steel industry, which is increasing its demand for high-quality scrap metal for electric arc furnaces; and it aims to optimize operational efficiency through complementary logistics and commercial synergies. The deal, which is subject to customary regulatory approvals, is expected to close in the second half of 2026 and is anticipated to be accretive to earnings per share in the medium term.

The acquisition of Noble Environmental by Apollo-managed funds represents a strategic investment in a leading regional waste management platform in the United States. The deal aligns with Apollo's broader strategy of backing essential service businesses with strong asset bases and long-term demand characteristics. The combination of Noble Environmental's integrated waste services and growing renewable natural gas (RNG) segment creates a platform for long-term value creation, with opportunities for expansion and growth in the waste management market. The investment is expected to support the continued development of Noble Environmental's platform, with Apollo's experience and capital base providing a strong foundation for future growth. The deal also highlights the attractive market dynamics of the waste management industry, with scarce permitted landfill capacity and increasing opportunities in energy recovery creating a compelling environment for investment. With a strong management team in place and a clear vision for growth, Noble Environmental is well-positioned to continue to deliver services to local communities and drive disciplined growth, with Apollo's support and expertise providing a key catalyst for success.

Paprec acquired a 70% majority stake in Convertini to mark its strategic entry into the Italian waste management market. The rationale for the transaction is to establish a platform in Italy's industrial core, Lombardy, which offers high potential for circular economy services due to its dense manufacturing base. This acquisition allows the buyer to leverage the target's local market expertise and established client relationships to accelerate its international growth. For the founding family, the deal provides the industrial backing and investment capacity of a multi-billion euro group to fund technological innovation and expand service offerings. The transaction is a key step in the buyer's broader European strategy to increase its international revenue to EUR 1000M by the end of 2026 through the consolidation of independent regional players.

Hera Group's acquisition of Sostelia represents a strategic move to consolidate its leadership in Italy's environmental services sector, with a specific focus on industrial and civil water treatment. The transaction creates a national benchmark player with a fully integrated service offering, spanning from plant design and construction to operation, maintenance, and the ultimate disposal of liquid waste and purification sludge. A primary driver for the deal is the significant potential for commercial and operational synergies with Herambiente, Hera's environmental services subsidiary. The integration is expected to broaden Herambiente's commercial portfolio by adding Sostelia’s specialized services, such as plant revamping and maintenance for private industrial clients. Conversely, Sostelia's extensive customer base presents a valuable new market for Herambiente's established waste management solutions. The acquisition also combines the deep technical know-how of both entities, enhancing their collective capabilities to address increasingly stringent environmental regulations, such as new EU directives on wastewater treatment, and tackle challenges like water scarcity and pollutant abatement. By integrating Sostelia’s expertise, plant infrastructure, and commercial reach, Hera Group aims to diversify its revenue streams, expand its customer base, and bolster its business resilience in a market that demands continuous innovation and high-quality service.

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.

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.

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.

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).

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.