Igneo acquires ECO Resources Group

Igneo Infrastructure Partners acquires ECO Resources Group

13 March, 2024: : Igneo Infrastructure Partners’ (Igneo) Global Diversified Infrastructure Fund (GDIF) has entered into a binding agreement to acquire Eco Resources Group (ECO) through its Australian waste and resource recovery investment platform, Integrated Waste Services (IWS).

Marc Benscher, Director at Igneo, said: “This transaction provides our existing IWS platform with entry into the Western Australian market, where we see significant opportunities for growth. With this acquisition, the IWS business continues on its journey to becoming a national and diversified waste management and resource recovery platform. We continue to take an active approach in investing and are confident of further expansion into quality waste and recovery opportunities in the near future.”

Joe Borrelli, Chief Executive Officer of IWS, added: “We are thrilled to bring IWS’ unparalleled track record, dedication to customer service and innovation to the Western Australia waste market. ECO is a welcome addition to the IWS family, uplifting our waste recovery capabilities and expanding our national footprint in support of the circular economy and sustainable waste management.”

ECO is a waste-to-resources business in Western Australia, with two key locations in Kwinana, a southern suburb of Perth, and Waroona, approximately 100 kilometres south of Perth. The business focuses on processing and recovering predominantly construction and demolition waste (C&D), and is actively expanding its capability to process green organics waste to position itself for the emerging food and garden organics (FOGO) market. Since its inception in 2011, the owners have made significant investment in the business, transforming it into one of the leading waste management companies in the southern Perth-Peel region.

Kristy Sumich, ECO co-founder stated: “We enjoyed working with the Igneo team during this process, and are impressed by their unwavering commitment to invest in the Australian resource recovery sector. We look forward to continuing our partnership with IWS to propel the growth of the ECO and the broader IWS platform across Western Australia.”

Igneo and IWS were advised by Planum Partners, Intellectus Capital and King & Wood Mallesons with support from KPMG, SLR Consulting, and Willis Towers Watson. Financial close of the transaction is expected in early Q3 2024, subject to customary closing requirements.

This acquisition follows Igneo’s recent investment in Recycle Central Group, which was announced in late February 2024.

‍About Igneo Infrastructure Partners

Igneo is an autonomous investment team in the First Sentier Investors 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 A$28.5bn (US$19.5bn) worth of assets (as at 31 December 2023) on behalf of more than 200 investors around the world.

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