Agilitas, a pan-European mid-market private equity firm, is pleased to announce a further strategic acquisition by its portfolio company Reconor Group, one of the leading environmental services groups in Denmark. The financial consideration for the transaction is not being disclosed.
Reconor, based in Farum, Denmark, is strengthening its activities in Jutland, close to the German border, with the acquisition of Mijodan a/s. The acquisition follows the purchase of Lotra a/s in June 2017.
Reconor handles over 2 million tonnes of waste each year, with only 0.12 per cent being sent to landfill. The majority of the waste is recycled (e.g. for renewable power resources, hardcore ballast for construction, as well as materials for plasterboard). Reconor’s expertise helps Danish industrial and construction groups meet the country’s high standards of responsible and environmentally safe recycling.
Mijodan, based in South Jutland, has more than 60,000m2 of waste storage capacity and offers solutions to a diverse range of segments including wastewater sludge, gypsum, sanitary equipment, soil and insulation materials and has established a CO2-friendly biological soil treatment plant that will help transform a former landfill into a recreation area accommodating approx. 2.5 million tons of land when done.
Commenting on today’s announcement, Martin Calderbank, Managing Partner at Agilitas said: “This further strengthens Reconor as a nationwide business and is an exciting step in enabling us to start serving the German market.”
Serge Touati, Partner at Agilitas and a Steering Committee member of Reconor said: “The acquisition continues the expansion of Reconor into offering a complete solution to an expanding customer base across a wide range of waste fractions.”
Jørgen Lindegaard, Chairman of Reconor Group added: "We are experiencing increasing demand for environmentally-oriented solutions which meet the highest professional standards for use in all major cities and regions in Denmark. The shared knowledge, organisation and technology across the enlarged group will enable Reconor to expand into even more places.”
Niels Erik Jespersen has chosen to continue in an enlarged role with overall responsibility for business development throughout the Reconor Group, whilst Bjarne Jensen continues as Managing Director of Mijodan. Both are looking forward to becoming part of the Reconor Group and to further developing the Mijodan business within the enlarged group.
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