Enva has announced that it has reached an agreement to be acquired by I Squared Capital, an independent global infrastructure manager, from private equity firm Exponent.

Enva has over 1,600 employees across its 34 operational facilities in the UK and Ireland. The company provides a range of recycling and resource recovery services to customers in the industrial, commercial, construction and public sectors, with a particular focus on managing hazardous and specialist waste materials.

Enva was created in 2017 through the acquisition of the Environmental Division of DCC Plc, the Ireland based FTSE 100 company. The business is led by CEO Tom Walsh and Executive Chair Niall Wall. In 2018 it acquired the wood recycling business, Hadfield Wood Recyclers Ltd.

The acquisition by I Squared Capital supports Enva’s environmental infrastructure strategy, which aims to build a diverse portfolio of waste processing and recycling, industrial waste-to-energy, and wastewater treatment assets in the Americas, Europe, and Asia-Pacific.

Tom Walsh, CEO at Enva, said: “Since partnering with Exponent, Enva has developed a portfolio of innovative waste-to-product technologies to support our customers, acquired a range of synergistic businesses, and brought on a strong bench of talented managers to support key parts of the business.

“This has allowed us to develop our value added, circular economy-driven proposition and has cemented our position as a leading resource recovery platform in the UK and Ireland. I am delighted to begin the next step on our journey with I Squared Capital.”

Niall Wall, Executive Chairman at Enva, said: “I am proud of the growth we have achieved in partnership with Exponent, and the development of a range of services to help Enva’s customers navigate a rapidly evolving regulatory and environmental landscape. This gives Enva a strong foundation for the future as ESG becomes an increasingly critical business focus.”

Enva said it is well positioned to benefit from long-term secular trends including increasingly robust regulation around waste and recycling, strong consumer demand for recycled products, and increasing demand for waste-derived materials as industry seeks to address its CO2 footprint

The completion of the acquisition is subject to customary regulatory approvals and is anticipated in Q2 2023.

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