August 2023
Agilitas Private Equity LLP (“Agilitas”), the pan-European mid-market private equity firm, is pleased to announce that Agilitas funds have signed today an agreement to sell the Reconor Group (“Reconor”, “the Group” or “the Company”) to a fund advised by Basalt Infrastructure Partners LLP (“Basalt”). Reconor is the leading environmental services group in Denmark. Its expertise helps its customers meet the country’s high standards of responsible and environmentally safe recycling, and helps municipalities with waste collection.
Reconor’s fundamental purpose is to reduce waste generation through the prevention, reduction, and reuse of material, and to reduce the use of natural resources through the application of circular economy principles. The company remediates over 2.1 million tonnes of soil per year and handles over 0.8 million tonnes of mainly reusable waste, overseeing daily operations involving 230 trucks and 31,000 containers across Denmark. The majority of this waste is recycled for reuse in secondary markets.
Reconor initially had strategically located recycling and remediation sites in and around Copenhagen, as well as other major regions, operating primarily in soil remediation and in the collection, sorting, treatment and recycling of waste. With Agilitas’s backing, Reconor successfully transformed the business from a regional logistics and treatment plant operator to a sustainable environmental logistics and resource solution provider with national coverage, operating across the waste management value chain.
The Group has expanded across Denmark through the addition of five new recycling and remediation sites, has added a new business line in soil landfilling, and now also remediates waste and soil for clients outside Denmark. The transformation plan was accelerated by six strategic acquisitions.
Commenting on this announcement, Kevin Iermiin, Partner at Agilitas and member of the Reconor board said: “When we initially backed Reconor, we were attracted to the business because of its infrastructure-like characteristics combined with its transformational potential. It has been a pleasure to work with Henrik Nordenlund and his team, who have transformed Reconor into the leading Danish environmental services company. We wish Reconor all the best for the future.”
Henrik Nordenlund, CEO of Reconor, added: “The development of Reconor into a leading contributor to Denmark’s circular economy has been a fantastic journey built on a strong cooperation between Agilitas, the Board and over 600 motivated and dedicated employees of City Container, Norrecco and Reconor. Reconor has set new standards for our industry, offering innovative and future ready solutions to our customers, including a one-stop-shop environmental solution for construction waste and reusable resources. We look forward to continuing Reconor’s exceptional growth journey with Basalt.”
Martin Calderbank, Managing Partner at Agilitas, highlighted that: “Reconor is an inherently sustainable business that provides environmental solutions to help tackle the issue of diminishing natural resources caused by a growing population and overconsumption. We are proud that under Agilitas’s stewardship, Reconor has undergone a dramatic step-change in performance to improve its ability to address this environmental challenge.”
The transaction is subject to approval from the Danish Competition and Consumer Authority. Financial details of the transaction are not disclosed.
Media enquiries to: Greenbrook Communications – James Madsen and Teresa Berezowski
+44 20 7952 2000 | agilitas@greenbrookadvisory.com