Ecoeridania and CVC Dif finalise the acquisition of the waste management giant

Consolidation in the environmental infrastructure sector has seen another major deal go through. CVC DIF, the infrastructure investment platform of the CVC Capital Group, is now set to sign an agreement to acquire a majority stake in EcoEridania, Italia’s leading special waste management company, following a competitive sale process involving more than 20 of the leading international investors.

According to market rumours, the deal values EcoEridania at over €1.1 billion, confirming the strong interest of infrastructure investors in environmental assets characterised by high resilience, recurring revenues and growth prospects underpinned by the green transition.

The sale process, launched in recent months by the controlling shareholder iCon Infrastructure, had attracted numerous financial investors. Alongside CVC Dif, Ardian and Swiss Life Asset Managers had also reached the final stage of the bidding process, reflecting the growing competition amongst major infrastructure funds to acquire platforms operating in essential environmental services. The interest in EcoEridania reflects a well-established trend in the European infrastructure market. The special waste management sector is considered one of the most resilient segments of the economy, thanks to structurally stable demand, a high degree of regulation and its ability to generate cash flows.

Founded and led by Andrea Giustini, EcoEridania is Italia’s leading operator in the treatment, recovery and disposal of special medical waste and one of the leading players in the special industrial waste sector, with a widespread presence throughout the country. As part of the transaction, Giustini will reinvest part of the proceeds from the sale, increasing his stake to around 40 per cent. The founder will also continue to serve as chairman and chief executive officer, supported by the current management team, ensuring managerial continuity and supporting the new shareholder on its growth path, which aims at strong international expansion and the consolidation of its leadership in the Italia market. J.P. Morgan and Chiomenti advised iCon Infrastructure on the transaction, whilst Lazard Hogan Lovells acted as advisers to Andrea Giustini. Jefferies, Citi and Clifford Chance, meanwhile, advised CVC Dif.