03/2026MajorityLBO

Meanings Capital Partners takes majority stake in Moulinot

FRANCE Utilities (Regulated Infrastructure) / Waste Management / Collection & Recycling EV €20–50M

Context

Meanings Capital Partners, through its infrastructure vehicle, has acquired a controlling stake of over 75% in Moulinot. The valuation includes approximately €20 million in debt, reflecting the capital-intensive nature of the company’s industrial expansion. The transaction facilitates a complete exit for most historical impact investors, while Abeille Impact Investing remains a minority shareholder alongside the existing management team. As part of a multi-stage development plan, Meanings intends to deploy a total investment envelope of roughly €50 million to ramp up production at existing sites and fund the rollout of new facilities, with the Lyon region identified as the next strategic target for expansion.

Moulinot, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only].

Target

Founded in 2013, Moulinot is a specialized environmental service provider dedicated to the collection and ecological treatment of food waste (bio-waste) from collective catering, households, and the agri-food industry. The company operates an industrial network that includes two historic sites in the Paris region alongside newer facilities in Angers and Bordeaux, processing approximately 50,000 tons of waste annually. The firm positioning itself as a key infrastructure player in the circular economy by transforming organic waste into high-quality compost or biogas feedstock.

Ent. Value

€20–50M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2025

2024

Other operations with Meanings Capital Partners

Other operations with Meanings Capital Partners
Date	Acquirer	Target	Country	Sector
06/2023	MEANINGS CAPITAL PARTNERS	JEMS GROUP	FRANCE	Data & AI Consulting
10/2016	MEANINGS CAPITAL PARTNERS	COMPAGNIE COLONIALE	FRANCE	Coffee & Tea

Similar deals in Utilities (Regulated Infrastructure)

Similar deals in Utilities (Regulated Infrastructure)
Date	Acquirer	Target	Country	Sector
05/2026	APOLLO GLOBAL MANAGEMENT	NOBLE ENVIRONMENTAL	UNITED STATES	Collection & Recycling
05/2026	DERICHEBOURG	SCHOLZ RECYCLING	GERMANY	Collection & Recycling
03/2026	EQT PARTNERS	KELDA HOLDINGS	UNITED KINGDOM	Water
03/2026	PAPREC	CONVERTINI	ITALY	Collection & Recycling
03/2026	AMBIENTA	P.I.ECO	ITALY	Water
03/2026	HERA GROUP	SOSTELIA GROUP	ITALY	Water
02/2026	BLACKSTONE / EQT PARTNERS	URBASER	SPAIN	Waste Management
01/2026	PAPREC	PIZZORNO ENVIRONNEMENT	FRANCE	Collection & Recycling
10/2025	ITELYUM	LA CART	ITALY	Collection & Recycling
08/2025	TAQA	GS INIMA	SPAIN	Water

REFERENCES

Valuation range: EV €20–50M

Revenue range: €10–30M

EV/Revenue range: 1x - 3x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Moulinot by Meanings Capital Partners 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: meanings capital partners

FAQ

What transaction does this page cover?

This page covers the acquisition of a majority stake in Moulinot, a French company specialised in Waste Management, by Meanings Capital Partners in 2026, structured as a leveraged buyout (LBO).

How was the acquisition of Moulinot by Meanings Capital Partners valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €20–50M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Moulinot’s revenue at the time of the deal?

At the time of the transaction, Moulinot’s annual revenue was estimated within the €10–30M range (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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