Agilitas, the pan-European mid-market private equity firm, is pleased to announce the completion of the strategic acquisition of Hedegaard Miljø A/S (“Hedegaard Miljø”) by its portfolio company Reconor Group (“Reconor”), one of the leading environmental services companies in Denmark. The financial terms of the deal are not being disclosed.
Hedegaard Miljø specialises in the treatment and transport of waste materials and had a history of working with Reconor on cross-border projects in Germany and Norway. Prior to the acquisition by Reconor, Hedegaard Miljø had been owned and run by Kim Hedegaard Nielsen, who will continue to lead the business and will also now assume responsibility for developing Reconor’s international operations.
The acquisition of Hedegaard Miljø marks the fourth bolt-on made by Reconor since Agilitas led a management buyout of the group in 2015.
Henrik Nordenlund, CEO of Reconor Group, said: “Kim Hedegaard Nielsen has for several years cooperated with customers in our neighbouring countries and has experience with import and export of soil and waste, a well-established customer network, and access to soil and waste treatment solutions in Holland, Norway and Germany. We look forward to offering these opportunities to our customers.”
Kim Hedegaard Nielsen, said: “The Northern European market requires increased cross-border cooperation. I’m convinced that through working with my new colleagues in Reconor we can enhance further development in these fields and create new solutions that support environmentally-friendly resource handling.”
Martin Calderbank, Managing Partner at Agilitas, said: “This latest acquisition by Reconor is a further step in cementing its position as one of the leading players in handling waste materials in an environmentally responsible fashion and will allow the group to enhance significantly its international operations.”
Reconor handles more than two million tons of resources annually, from which 99.9% are recycled or recovered, while only 0.1% is sent to landfill. Reconor is headquartered near Copenhagen and operates nationwide in Denmark, employing about 400 people.
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