Macquarie Asset Management and British Columbia Investment Management Corporation (BCI) announced the completion of their acquisition of European waste-to-product company Renewi, in a deal valuing the company at approximately £707 million (USD$957 million).

Headquartered in the UK, Renewi focuses on extracting value from waste and used materials, diverting waste flows from incineration or landfill, operating around 150 facilities across the Netherlands, Belgium, France, and Portugal. The company recycles more than 10 million tonnes of waste each year, converting materials including paper, metals, plastics, glass, wood, and construction debris into reusable products.

According to the investors, the acquisition will support Renewi’s strategic initiatives, including its “One Renewi” aimed at enhancing the company’s logistics and processing capabilities, in addition to enabling Renewi to achieve its growth ambitions and increase the company’s recycling yield further.

“We are delighted to have finalized the acquisition of Renewi, a market leader in the waste sector,” said Gabriele Duesberg, Head of Diversified Infrastructure – EMEA at Macquarie Asset Management. “As countries across Europe look to transition to waste-free economies, Renewi is well positioned to capitalize on this demand with its strong growth ambitions and innovative waste solutions.”

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, added, “This acquisition represents an exciting opportunity for us to work alongside Renewi, an established player in the waste sector. We look forward to supporting the business with its transformation initiatives and long-term growth plans, helping to contribute to a more circular economy in Europe.”

“We are excited to partner with the Consortium as we focus on advancing circularity and becoming the leading waste-to-product company for Europe’s most advanced circular economies,” said Annemieke den Otter, Chief Financial Officer and Board Member at Renewi. “We have made great progress on this goal over recent years, and as I look ahead, I am confident that with this new collaboration, and through the passion and dedication of our teams, we will create a more sustainable society for all.”