Xenon exits Eco Eridania

The sale ends a six-year holding period for Xenon, which acquired a stake in Eco Eridania in 2012 via its €150m Xenon Private Equity V, closed in 2009.

In addition to Xenon holding, Icon Infrastructure also bought a stake in the company from Eco Eridania CEO Andrea Giustini, who will stay on with the company and retain a minority interest in the business via his holding company Roccaforte.

The acquisition marks the first investment made by the firm via its Icon Infrastructure Partners IV fund, which was attracted to Eco Eridania's strong management, solid market position and high-quality asset base, according to a statement.

Eco Eridania plans to use the fresh capital to grow and consolidate its position in the waste sector in Italy and potentially abroad.

Previous funding
Italian state-backed Fondo Italiano d'Investimento (FII) acquired a minority stake in Eco Eridania for €10m in August 2011, as part of a capital increase carried out by the business.

Xenon entered the company's shareholding structure in 2012, when it bought a minority stake via its Xenon Private Equity V vehicle, as part of a €16m capital increase co-led alongside FII. The company used the fresh capital to acquire its competitor Team Ambiente.

Subsequently, FII and Xenon funded the bolt-ons of three companies: Paderno Energia, Elettrochimica Carrara and Technoplus through a €3.7m fresh capital injection provided in 2013.

FII exited the investment in June 2014 selling its stake in Eco Eridania to the company's existing shareholders, including Xenon, which became the majority shareholder in the business.

Company
Founded in 1988 and headquartered in Arenzano, near Genoa, Eco Eridania is a waste management business that specialises in the collection, transportation, treatment and disposal of sanitary waste for hospitals and healthcare operators. The company has around 20,000 clients and operates six incinerators, two sterilisation plants and 14 treatment and storage facilities. Eco Eridania recorded revenues of approximately €145m in 2017.

People
Icon Infrastructure Partners – Ivana Semeraro (partner).
Xenon Private Equity – Franco Prestigiacomo (CEO).
Eco Eridania – Andrea Giustini (CEO).

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• Topics
• Exits
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• Southern Europe
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• Secondary buyout