HIG Capital exits Der Grüne Punkt to trade

Lincoln International managed the sale process of the business. The Cologne-based group, which is valued at "not below" EUR 150m, generates around EUR 450m in revenue and single-digit EBITDA margins, a source familiar with the situation said.

Circular Resources was approached directly by the sellside, the same source said. The company provides a range of services for corporates to meet their need for recycled plastics and is backed by London-based Carlos Monreal, who also owns Plastic Energy.

The sale process follows a previous attempt to sell DSD to Remondis, a German recycling group, in 2017-8. This ultimately fell apart due to anti-trust issues in 2020, according to media reports. The deal would have reportedly valued the group at around EUR 130m, media reports said.

Under HIG's ownership, DSD professionalized its licensing business and made capex investments into dedicated plastic recycling facilities in Germany, HIG said in a statement.

HIG acquired DSD in 2011, deploying equity via European Capital Partners. HIG is currently investing in its third reiteration, which closed in 2020 after raising EUR 1.1bn in commitments.

Company
Der Grüne Punkt set up the dual system in Germany 1991. With its two recycling plants, DSD currently produces around 50,000 tons of high-quality plastic recyclate annually, stemming from household, construction, and garden waste. Additionally, DSD provides consultation services for its blue-chip customers on the recycling-friendly design of packaging.

People
HIG -Holger Kleingarn (managing director).
Der Grüne Punkt – Duales System Deutschland – Michael Wiener (CEO)
Circular Resources –Carlos Monreal (founder)

Advisors
Vendor – Lincoln (corporate finance).
Buyer – Noerr (legal).

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