STAR Capital Partners has sold BUS Group, a metal recycling business, to Spanish waste management company Befesa for €330 million ($421 million).
Tony Mallin, chief executive of STAR Capital, declined to comment on what kind of return the sale was generating for the fund.
The BUS Group sale, handled by Rothschild and Argent Partners, is the STAR 1 Fund’s third exit. The fund invests and develops capital intensive and asset-based investment opportunities.
BUS Group recycles metal containing dust produced by the European electric arc furnace steel industry. The group operates from five recycling plants in Germany, France and Sweden.
STAR acquired BUS in January 2005, and has since invested in significant capacity enhancements at its plants in Sweden and France.