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May 2021

Agilitas-backed Reconor Group expands with acquisition of Sten & Grus Prøvestenen A/S

Agilitas, the pan-European mid-market private equity firm, has today announced that its portfolio company, Reconor A/S (“Reconor”), a leading environmental services company in Denmark, has entered into an agreement to acquire Sten & Grus Prøvestenen A/S (“SGP”) from Group De Cloedt (“GDC”). Reconor will integrate SGP with its resource business Norrecco. The financial terms of the deal are not being disclosed.

SGP specialises in delivering efficient environmental solutions for soil and waste management, most notably in the Greater Copenhagen area. The company is located on the Prøvestenen island and has a treatment area of approximately 75,000m2. The company has a strong focus on environmental awareness and, just like Norrecco, developed a product range including the recycling of used materials from various demolition processes into primary raw materials.

The Reconor Group, consisting of Norrecco and City Container, is one of the leading environmental services groups in Denmark, treating and remediating approximately 1.6 million tonnes of soil and handling 0.9 million tonnes of waste annually. The majority of this waste is recycled for use in secondary markets. Through its activities, Reconor contributes to the circular economy by helping Danish industrial and construction groups to meet the country’s high standards of responsible and environmentally-safe recycling.

The strategic acquisition of SGP marks the fifth add-on acquisition for Reconor since Agilitas led a management buyout of the group in 2015 and will consolidate Reconor’s plans to expand its product offering, its customer base and its geographical footprint. The addition of SGP strengthens Norrecco’s position and reinforces its capabilities, particularly in the Copenhagen area which has limited opportunities for new treatment sites. It will also further improve the recycling process of construction and civil engineering waste in the production of building materials.

Agilitas has a successful track record of creating value in the Nordic region, using its deep transformational and sector expertise built through Agilitas’s backing of the Danish and Norwegian companies Recover Nordic, Reconor, Cibicom (previously known as Teracom Danmark), and Danoffice IT.

Henrik Nordenlund, CEO of Reconor, commented: “This strategic acquisition further supports Reconor's position in Denmark as a leading supplier of environmental solutions within soil and waste management. In addition, the acquisition opens up new business opportunities. Reconor will be even stronger in the future, ensuring the development of sustainable recycling solutions. Through the collaboration with GDC, we can expand the business areas to also include special treatment capabilities.”

Rene Gosvig, Director at GDC Denmark, said: “We are a small player in soil and waste management in the Greater Copenhagen area. Due to a rapid development in the market for environmental solutions and a strategic decision to focus on further expanding our strong position within natural resources, we have assessed that it is the right decision for us to divest the environmental activities to Reconor Group, which we believe is the right backer to further develop the company. Together with the Reconor Group, we will continue to collaborate on the synergies between the parties.”

Kevin Iermiin, of Agilitas and member of the Reconor Board, said: “Reconor is experiencing increasing demand for environmentally-oriented solutions. This acquisition will create synergies between our business units by further broadening our service offering and expanding our footprint and customer base in the Greater Copenhagen area.”

Martin Calderbank, Managing Partner at Agilitas, said: “This latest strategic add-on acquisition represents another significant step in Reconor’s growth and will consolidate the company’s transformation plan. Both companies are well-aligned in their commitment to developing environmental solutions to reduce waste and their combination will further bolster Reconor’s standing as a leading environmental services Group business in Denmark.”

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