Basalt signs an agreement to acquire Reconor Group from Agilitas

Basalt Infrastructure Partners LLP (“Basalt”) announced today that it has signed an agreement to acquire the Reconor Group (“Reconor”, “the Group” or “the Company”) from funds advised by Agilitas Private Equity LLP (“Agilitas”). Reconor is the leading environmental services group in Denmark. Its expertise helps its customers meet the country’s high standards of responsible and environmentally safe recycling and helps municipalities with waste collection.

Reconor’s fundamental purpose is to reduce waste generation through the prevention, reduction, and reuse of material, and to reduce the use of natural resources through the application of circular economy principles. The company remediates over 2.1 million tonnes of soil per year and handles over 0.8 million tonnes of mainly reusable waste, overseeing daily operations involving 230 trucks and 31,000 containers across Denmark. The majority of this waste is recycled for reuse in secondary markets.  

Reconor initially had strategically located recycling and remediation sites in and around Copenhagen, as well as other major regions, operating primarily in soil remediation and in the collection, sorting, treatment and recycling of waste. Over the past years, Reconor successfully evolved from a regional logistics and treatment plant operator to a sustainable environmental logistics and resource solution provider with national coverage, operating across the waste management value chain.

The Group has expanded across Denmark through the addition of five new recycling and remediation sites, has added a new business line in soil landfilling, and now also remediates waste and soil for clients outside Denmark. The transformation plan was accelerated by six strategic acquisitions.

“We are thrilled to invest in a business providing services which are critical to the circular economy in its markets” stated John Hanna, Partner and Head of Europe at Basalt. “Reconor is a leading environmental services group in Denmark which benefits from substantial growth potential supported by attractive macro fundamentals. We are excited to partner with an experienced management team and provide the necessary support and capital to deliver Reconor’s growth plans over the coming years”.

Henrik Nordenlund, CEO of Reconor, added: “The development of Reconor into a leading contributor to Denmark’s circular economy has been a fantastic journey built on a strong cooperation between Agilitas, the Board and over 600 motivated and dedicated employees of City Container, Norrecco and Reconor. Reconor has set new standards for our industry, offering innovative and future ready solutions to our customers, including a one-stop-shop environmental solution for construction waste and reusable resources. We look forward to continuing Reconor’s exceptional growth journey with Basalt”. 

Nordea served as exclusive financial advisor and Accura served as legal advisor to Basalt.

Notes to Editors

About Basalt

Basalt is the investment advisor to the Basalt funds. The Basalt funds are infrastructure equity investment funds focusing on mid-market investments in utilities, power, transport, and communications infrastructure in North America and Europe. Other investments by the Basalt funds in Europe include Wightlink, Mareccio Energia, Caronte & Tourist, Manx Telecom, Connect Fibre, Iris, Unilode, Goetel, Freya LNG and Nobina. 

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