Cube Infrastructure Managers agrees to acquire Urbaser Nordic

• Cube has agreed to acquire Urbaser Nordic from Spanish integrated waste management group Urbaser.
• Cube will be partnering with Urbaser Nordic ́s management team to support the continuous growth of the group and electrify its vehicle fleet further.
• The transaction marks Cube Infrastructure Fund III ́s 12th investment since 2021 and its second investment focused on municipal waste collection.

Luxembourg, August 29, 2023 – Cube Infrastructure Managers (“Cube”), a leading European mid-market infrastructure investor, has agreed to acquire Urbaser Nordic (“Nord”), an essential infrastructure service provider delivering municipal waste collection services to local communities in all Nordic countries, through its fund Cube Infrastructure Fund III. Completion of the transaction remains subject to fulfilment of customary conditions precedent including clearance by competent antitrust authorities.

Nord is the leading Nordic municipal waste collection platform with operations across Denmark, Norway, Sweden and Finland. The company serves c.100 municipalities and more than 5 million inhabitants with c.1,800 FTEs and a fleet of c.1,100 trucks, c.45% of which are driven by green technologies1.

Nord ́s revenues are underpinned by a diversified portfolio of more than 175 medium- to long-term contracts with local authorities. The contracts are largely availability-based and protected against inflation, which provides strong resilience through economic cycles and crisis as proven during Covid-19 and the 2022 energy crisis.

Under Urbaser’s ownership, the management team has grown the business significantly and improved profitability by rationalizing its portfolio of contracts and achieving operational efficiencies across the countries. The group ́s highly experienced management team has been pivotal to the success of the company. It has also recently expanded into waste treatment in Denmark.

Cube plans to support management with both capital and sector expertise to accelerate the company’s future growth in the Nordic countries in its core municipal waste collection segment as well as in synergetic industrial & commercial collection and in the Danish waste treatment sector. The Nordic markets benefit from positive secular trends and favorable regulation driving growth in separate waste collection, waste sorting, and environmentally friendly operations.

Following its successful previous investments in the environmental services sector, this acquisition marks Cube’s second investment in the municipal waste collection segment. The two waste collection platforms owned by Cube in the Nordics and in France will continue to operate independently while Cube will facilitate exchange of best practices within its portfolio of companies in Europe.