Igneo Infrastructure Partners to acquire Neumann Group, expanding waste management portfolio
All Press releases11 August 2026, London and Burg: Igneo Infrastructure Partners (“Igneo”), a global infrastructure investment manager with €25.9 billion1 of assets under management, today announces it has entered into a binding agreement to acquire a majority stake in Neumann Group, a leading Incinerated Bottom Ash (“IBA”) recycling platform in Germany.
The transaction will be financed through commitments from Igneo’s latest European Diversified Infrastructure strategy, which focuses on investing in high-quality infrastructure businesses with strong growth potential, in sectors where Igneo has deep experience.
Headquartered in Burg, Germany, Neumann Group is one of Europe’s leading providers of IBA recycling, providing essential services to Energy-from-Waste operators, whose facilities rely on the continuous removal and treatment of IBA. Through its fully integrated platform, Neumann Group processes around 1.5 million tonnes of residual ash annually, recovering valuable raw materials and high-quality secondary construction materials.
The transaction is expected to complete in the second half of 2026,2 with Igneo becoming the majority shareholder alongside Neumann Group’s CEO and co-owner, André Hartl, and the existing management team.
Gregor Kurth, Partner at Igneo, said: “Our investment in Neumann Group is strongly aligned with Igneo's strategy of partnering with high-quality infrastructure businesses that deliver critical services and can benefit from long-term structural growth trends. Neumann Group holds a market-leading position in an attractive and sustainable growth segment and is underpinned by long-standing customer relationships, strong technical expertise and a highly developed infrastructure platform.
“Building on the strong foundations established by Heiko Neumann and his family, we look forward to working with André and his team to support the next phase of growth and further strengthen Neumann Group's role in advancing the circular economy.”
André Hartl, CEO at DNG, said: “Neumann Group has evolved into a leading European provider of IBA recycling services, supporting customers across multiple markets throughout Europe. Together with Igneo, we have a strong partner to drive the next phase of our growth, further strengthen our market position, and expand into new geographic regions.”
1 As at 30 June 2026
2 Subject to customary approvals
About Igneo Infrastructure Partners
Igneo is an autonomous investment team in the First Sentier Group. It invests in high-quality, mature, mid-market infrastructure companies in renewables, digital infrastructure, waste management, water utilities and transportation / logistics sectors in the UK, Europe, North America, Australia and New Zealand. Operating since 1994, the team works closely with portfolio companies to create long-term sustainable value through innovation, a focus on ESG and proactive asset management.
Igneo manages €25.9/£22.5 billion worth of assets (as at 30 June 2026) on behalf of more than 200 investors around the world.
About Neumann Group
Neumann Group is a German provider of recycling and waste management services headquartered in Burg. With around 320 employees, Neumann Group offers a comprehensive range of recycling, logistics and waste management services, supported by modern processing technologies and a strong commitment to resource conservation and environmental sustainability. Through the innovative treatment of incinerator bottom ash from municipal waste incineration, Neumann Group helps recover valuable materials and produce high-quality secondary construction materials, making an important contribution to a more circular economy.
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In Hong Kong, this press release is issued by First Sentier Investors (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong. In Singapore, this press release is issued by First Sentier Investors (Singapore) whose company registration number is 196900420D. This press release has not been reviewed by the Monetary Authority of Singapore.
First Sentier Investors, FSSA Investment Managers, Stewart Investors, Realindex Investments and Igneo Infrastructure Partners are the business names of First Sentier Investors (Hong Kong) Limited. First Sentier Investors (registration number 53236800B), FSSA Investment Managers (registration number 53314080C), Stewart Investors (registration number 53310114W), Realindex Investments (registration number 53472532E) and Igneo Infrastructure Partners (registration number 53447928J) are the business divisions of First Sentier Investors (Singapore).
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