Platinum Equity has agreed to sell Urbaser to Blackstone and EQT in a transaction valued at approximately $6.6bn (€5.6bn), marking a significant European infrastructure exit.

Platinum acquired the Madrid-based environmental services platform in October 2021 for approximately $4.2bn (€3.5bn). The sale reflects a multi-year transformation strategy focused on operational improvement, targeted M&A, and portfolio optimisation.

Over the past five years, €1.6bn was invested through capex and acquisitions. The firm completed 20 add-on deals and divested 13 non-core divisions. Revenue rose by more than 60% and EBITDA by 70% since 2020. Backlog expanded by €3.0bn to over €15bn of revenues.

“With a seasoned management team in place alongside a focused strategic plan, the company has all the tools necessary for continued success in the next phase of its journey,” said Louis Samson, Co-President of Platinum Equity.

Platinum will retain Urbaser’s Argentina waste management business, which generated approximately $90m (€80m) of EBITDA in 2025.

“Platinum Equity’s partnership has been instrumental to our success,” said Urbaser CEO Fernando Abril-Martorell. “Their operational and capital allocation support as well as strategic guidance helped sharpen our focus and enhance the efficiency and profitability of the business. We are proud of what we have achieved together.”

The transaction, subject to regulatory approvals, underscores sustained private equity appetite for environmental infrastructure platforms offering long-term contracted revenues and resilient cash flows.

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