Sale of Madrid-based environmental infrastructure platform follows 
multi-year transformation process 
 
 
   LONDON, Sept. 22, 2026 /PRNewswire/ -- Platinum Equity announced today 
that the sale of Urbaser to Blackstone and EQT in a transaction valued 
at approximately $6.6 billion (EUR5.6 billion) has been completed. 
 
 
   Urbaser is a global integrated environmental infrastructure platform 
specialized in the collection, management and treatment of municipal and 
industrial waste. The company serves more than 60 million people across 
the globe through a network of more than 38,000 employees. Headquartered 
in Madrid, Spain, Urbaser's core business comprises three segments: 
Urban Services (waste collection, street cleaning and water management), 
Municipal Waste Treatment, and Industrial Waste Treatment. 
 
 
   Platinum Equity acquired Urbaser in October 2021 from China Tianying 
Inc. for an enterprise value of approximately $4.2 billion (EUR3.5 
billion). 
 
 
   As part of the transaction, Platinum Equity has retained Urbaser's waste 
management business in Argentina which has been operating in the region 
for 30 years and generated approximately $90 million (EUR80 million) of 
EBITDA in 2025. 
 
 
   "Urbaser today is a fundamentally different business than the one we 
acquired nearly five years ago," said Louis Samson, Co-President of 
Platinum Equity. "We assembled a deep and talented management team then 
worked together to invest in the platform, sharpen the company's 
strategic focus, expand its capabilities and strengthen its position in 
attractive environmental infrastructure markets. We're grateful to the 
Urbaser team for their partnership and proud of everything we 
accomplished together." 
 
 
   Igor Chacartegui, Managing Director at Platinum Equity, said: "This was 
a highly ambitious transformation that touched nearly every part of the 
organization. We executed a significant investment program, completed 
numerous acquisitions and divestitures, and repositioned the portfolio 
toward sectors with stronger growth characteristics and long-term 
contracted revenues. We believe the company is more focused and more 
resilient today with substantial momentum heading into its next 
chapter." 
 
 
   Highlights of the transformation include: 
 
 
   -- EUR1.6 billion invested over the past five years in a combination of 
 
      capex and M&A 
 
 
 
   -- Executed 20 add-on acquisitions 
 
 
 
   -- Divested 13 non-core divisions and other assets 
 
 
 
   -- Increased revenue by more than 60 percent and EBITDA by 70 percent since 
 
      2020, including double digit growth in every geography of presence 
 
 
 
   -- Grew municipal and industrial waste treatment segments, emphasizing 
 
      opportunities for above--market growth, contracted long-term cash flows 
 
      and attractive returns on invested capital 
 
 
 
   -- Increased backlog by EUR3.0 billion to over EUR15 billion of revenues 
 
 
 
   -- Onboarded a new executive leadership team led by current Urbaser CEO 
 
      Fernando Abril-Martorell 
 
 
 
   -- Significant reinforcement of ESG related areas as a key strategic pillar 
 
 
   "Platinum Equity challenged us to think bigger about what Urbaser could 
become and backed that vision with meaningful investment and operational 
support," said Urbaser CEO Fernando Abril-Martorell. "We embraced that 
vision and Platinum Equity trusted us to execute. Over the past four 
years, we have carried out a profound transformation of the company, all 
made possible above all by the exceptional dedication and talent of the 
entire Urbaser team." 
 
 
   The sale of Urbaser followed a refinancing of the company's capital 
structure last year that included a portability feature for its senior 
debt and a cross-border PIK holdco structure, both novel terms in the 
European financing market. 
 
 
   "We take pride in combining the latest capital markets tools with a 
willingness to develop new solutions that meet the unique needs of each 
situation," said Samson. "The refinancing that preceded the sale is 
another example of thoughtful structuring that created meaningful value 
for all parties involved." 
 
 
   Samson added: "Urbaser is another example of the scale and 
sophistication of the platform we've built across Europe. The region 
continues to present compelling opportunities to create value, and we 
remain committed to investing in businesses where we can put our 
playbook to work." 
 
 
   Earlier this month Platinum Equity announced the signing of a definitive 
agreement to sell De Wave, a leading provider of cruise ship interiors 
and outfitting services based in Genoa, Italy. 
 
 
   Platinum Equity's current European portfolio includes a dozen companies 
across the UK, Germany, Italy, France, the Netherlands and Spain and 
includes the recent acquisitions of Solo Group and XD Connects, 
pan-European suppliers of custom-branded merchandise and promotional 
goods; and Sunrise Medical, a leader in assisted mobility solutions. 
 
 
   Citi and Santander served as financial advisors to Platinum Equity on 
the sale of Urbaser. Latham & Watkins LLP served as the firm's legal 
counsel. 
 
   About Platinum Equity 
 
 
   Founded in 1995 by Tom Gores, Platinum Equity is a global investment 
firm with approximately $50 billion of assets under management and a 
portfolio of approximately 60 operating companies that serve customers 
around the world. Platinum Equity specializes in mergers, acquisitions 
and operations -- a trademarked strategy it calls M&A&O(R)  -- 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 30 years Platinum 
Equity has completed more than 550 acquisitions. 
 
   About Urbaser: 
 
 
   Urbaser is one of the world leaders in environmental solutions, a global 
company focused on enhancing the value of the planet's resources to 
build a more sustainable tomorrow. We serve more than 60 million people 
across the globe through our cleaning and collection services and manage 
more than 150 treatment plants, thanks to a huge network of more than 
38,000 employees who promote real circularity every day. 
 
 
   Contact: 
 
   Dan Whelan, 
 
   Platinum Equity 
 
 
   dwhelan@platinumequity.com 
 
 
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content:https://www.prnewswire.com/news-releases/platinum-equity-completes-sale-of-global-environmental-services-business-urbaser-to-blackstone-and-eqt-for-6-6-billion-302886364.html 
 
 
 
   SOURCE Platinum Equity