London-based iCON Infrastructure has entered the waste management sector by acquiring an ownership interest in Eco Eridania, an Italian integrated waste collection, transportation, treatment and disposal business.
A person close to the transaction told Infrastructure Investor it is acquiring a “significant majority” from Xenon Private Equity V and Roccaforte, a holding company owned by the family of Eco Eridania chief executive Andrea Giustini. Roccaforte will retain a minority interest in the company, iCON said in a statement.
In addition to marking its first investment in the waste management sector, the transaction is also the firm’s first investment through its latest vehicle – iCON Infrastructure Partners IV, which closed last June on €1.2 billion.
According to Infrastructure Investor, the London-based firm reached the milestone in one go, collecting pledges from a total of 47 LPs in about three months, exceeding its original €1 billion target. The iCON IV fund will target investments in North America and Europe with ticket sizes averaging between €100 million and €200 million.
According to the firm’s statement, Eco Eridania, which is headquartered near Genoa, serves more than 20,000 clients, primarily in northern and central Italy. It has an extensive asset base comprising six incinerators and two sterilisation plants, as well as 14 treatment and storage facilities.