LOS ANGELES and MADRID, Oct. 22,
2021 /PRNewswire/ -- Platinum Equity today announced that it
has completed the acquisition of Urbaser, one of the world's
largest providers of environmental services, from China Tianying
Inc. for an enterprise value of approximately $4.2 billion (€3.5 billion).
Urbaser is a leading global environmental management company
oriented towards sustainability and innovation, serving more than
70 million people in 25 countries through a network of more than
50,000 employees. Currently, it is responsible for cleaning more
than 8 million kilometers of streets in different cities around the
world and maintaining 25 million square meters of green areas. It
operates 133 waste treatment facilities with a total of 20 million
tons treated; produces 1,500 GWh of electrical energy from waste
and in the last year has avoided the emission of almost 2 million
tons of CO2 equivalent.
"Urbaser is a world leader in environmental management that is
developing innovative solutions that improve the quality of life
for people in the communities it serves," said Platinum Equity
Partner Louis Samson, who oversees the firm's European operations.
"The company is also another important addition to Platinum's
growing portfolio of operating companies headquartered in
Europe and a direct reflection of
our commitment to investing in the region. We have had great
success delivering divestiture solutions to sellers in Europe and creating value across a wide range
of industries. Urbaser is another exciting step forward."
Other current European Platinum Equity investments include: wine
producer Fantini Group Vini (Ortona, Italy); private label sweet biscuits
manufacturer Biscuit International (Paris); global marine contractor De Wave Group
(Genoa, Italy); seafood provider
Iberconsa (Vigo, Spain); and
European vacation rentals group Awaze (London).
Founded in 1990 and headquartered in Madrid, Spain, Urbaser's core business
comprises three segments – Urban Services (waste collection, street
and beach cleaning, green area management and water management),
Municipal Waste Treatment, and Industrial Waste Treatment –
concentrated primarily in Spain,
Chile, Argentina, France, UK and the Nordic region. The company
generated approximately $2.8 billion
(€2.3 billion) in revenue for fiscal year 2020.
"Urbaser is an outstanding business with strong customer
relationships, great technical know-how, exceptional contracts and
assets, and an ESG profile aligned with the increasing demand for
sustainable solutions all over the world," said Platinum Equity
Managing Director Igor Chacartegui.
"The company is a global leader in many value-added waste treatment
technologies such as waste-to-energy, anaerobic digestion,
composting and regeneration facilities. We are excited about the
opportunity to continue investing in those vital solutions and
expanding their impact."
In addition to its core services, Urbaser has made substantial
investments in R&D with a focus on circular economy solutions
like bioplastics, bioproducts, compost, waste oil from vessels
recovery, and advancements in innovative waste collection
practices. The company's commitment to innovation is a competitive
advantage and fundamental to providing sustainable solutions for
the development of urban services, integrated water management, and
treatment of municipal and industrial waste. (More information is
available in the company's 2020 Sustainability Report.)
José María López Piñol is continuing to lead Urbaser as Chief
Executive Officer.
"We believe Platinum is the perfect partner to help accelerate
our growth and support our efforts to create new sustainability
solutions that can help our customers tackle the complex
environmental challenges they face," said Mr. López Piñol. "Their
financial and operational resources will be tremendously beneficial
in our efforts to achieve Urbaser's long-term strategic goals."
Citi and Santander are serving as investment advisors to
Platinum Equity on the acquisition of Urbaser. Latham and Watkins
is serving as the firm's legal counsel.
Additional insight into the Urbaser acquisition is available
here: Managing Director Igor
Chacartegui talks about the importance of trust,
relationships and ESG in Platinum's latest European
buyout.
About Platinum Equity
Founded in 1995 by Tom Gores,
Platinum Equity is a global investment firm with more than
$25 billion of assets under
management and a portfolio of approximately 50 operating companies
that serve customers around the world. The firm is currently
investing from Platinum Equity Capital Partners V, a
$10 billion global buyout fund,
and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment
opportunities in the lower middle market. Platinum Equity
specializes in mergers, acquisitions and operations – a trademarked
strategy it calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics,
equipment rental, metals services, media and entertainment,
technology, telecommunications and other industries. Over the past
25 years Platinum Equity has completed more than 300
acquisitions.
Media Contact:
Dan Whelan, Platinum Equity
(310) 282-9202
dwhelan@platinumequity.com
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SOURCE Platinum Equity