Waterland takes majority stake in Milieu Service Groep

Waterland Private Equity has agreed to acquire a 50% interest in Milieu Service Groep (MSG), alongside the company’s existing shareholders, who will retain the remaining half of the capital. The transaction, announced on 29 October 2026, remains subject to clearance from the relevant competition authorities. The arrangement establishes a balanced ownership structure designed to preserve continuity of management and shareholder alignment while bringing in a new institutional partner to support MSG’s next phase of expansion. Milieu Service Groep is a Netherlands-based waste management and circular-economy platform active across waste collection, container rental, sorting, recycling and sustainable waste solutions for businesses. The group operates through a portfolio of specialist companies, including Milieu Service Nederland, Paridon Containers, TH Containers and German recycler Lins Recycling. Its integrated model connects customers, collection partners and processing capacity through digital tools and logistics, with the objective of increasing source separation, material recovery and circularity. MSG has built a strong position in the Dutch market through a combination of organic growth and acquisitions, while its recent entry into Germany through Lins Recycling provides a first platform for international development. The business generates approximately €160 million in annual revenues and employs around 400 people. Its scale, multi-brand operating model and technology-enabled approach position it as a relevant consolidator in a fragmented waste and recycling sector undergoing structural change driven by regulation, sustainability requirements and the shift toward circular materials. The partnership is intended to accelerate MSG’s development in the Netherlands and internationally, notably by strengthening its commercial proposition, organisational capabilities and acquisition capacity. Waterland’s experience in building regional and European champions in fragmented service markets should support MSG’s ambition to broaden its geographic footprint beyond its recent German entry. For Waterland, MSG represents an established, cash-generative platform with a scalable model, a proven acquisition track record and exposure to long-term sustainability tailwinds. For MSG’s founders and management, the transaction provides a partner with sector knowledge and buy-and-build resources while retaining meaningful ownership and operational autonomy. The deal therefore combines continuity with institutional support, positioning MSG to pursue further consolidation in the Dutch, German and wider European waste and recycling markets. Waterland is an independent pan-European private equity firm headquartered in the Netherlands, founded in 1999. The firm specialises in partnering with entrepreneurs and management teams of mid-sized companies operating in fragmented, structurally growing markets. Its investment approach is centred on “buy-and-build”: combining organic growth initiatives with targeted add-on acquisitions, supported by capital, M&A execution, financing expertise and operational resources. Waterland has completed more than 1,100 acquisitions, including over 160 platform investments and more than 950 add-ons, and currently manages more than €14 billion in investor commitments.