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03/2025

SULO acquired by LATOUR CAPITAL

FRANCE Utilities (Regulated Infrastructure) / Waste Management / Collection & Recycling EV €500M–1.5bn

Context

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).

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

Target

Headquartered in the Île-de-France region, Sulo is a European leader in the manufacturing and management of waste collection solutions. The company’s business model is centered on the production of a wide range of waste containers, including traditional bins, sorting bins, and advanced waste compactors. Beyond manufacturing, the organization provides essential hardware that facilitates the circular economy, serving both municipal authorities and private waste management operators. Its value proposition lies in the durability and technical integration of its products, which are designed to optimize waste collection logistics and improve urban recycling rates. Founded as a historical industrial player, the company has evolved into a strategic partner for cities seeking to modernize their environmental infrastructure, leveraging a broad distribution network across Europe to maintain its market-leading position.

Ent. Value

€500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

below 1.5x

EV / EBITDA

5x–12x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€450–900M
€50–100M
[members only]
2023
€450–900M
€50–100M
[members only]

Similar deals in Utilities (Regulated Infrastructure)

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List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
07/2025CAPZADI ENVIRONNEMENTFRANCEHazardous Waste
06/2025SECHE ENVIRONNEMENTGROUPE FLAMMEFRANCEWaste Management
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
09/2023EURAZEO2B SERVICES & INNOVATIONSFRANCEWaste Management
09/2023TPGA-GASUNITED KINGDOMHazardous Waste

REFERENCES

Valuation range: EV €500M–1.5bn

Revenue range: €450–900M

EBITDA range: €50–100M

EV/Revenue range: below 1.5x

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 SULO by LATOUR CAPITAL 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: latour capital