Cleanzine: your weekly cleaning and hygiene industry newsletter 16th April 2026 Issue no. 1206

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Spanish global waste business Urbaser sells to Blackstone and EQT

Platinum Equity has announced the signing of a definitive agreement to sell Urbaser - a global integrated environmental infrastructure platform that specialises in street cleaning and the collection, management and treatment of municipal and industrial waste, to Blackstone and EQT.

Headquartered in Madrid, Spain, Urbaser serves more than 60 million people across the globe through a network of 50,000-plus employees. Its core business comprises three segments: Urban Services (waste collection, street cleaning and water management), Municipal Waste Treatment, and Industrial Waste Treatment. 

The transaction is valued at approximately $6.6 billion (€5.6 billion). As part of the deal, Platinum will retain Urbaser's waste management business in Argentina which has been operating in the region for 30 years and generated approximately $90 million (€80 million) of EBITDA (earnings before interest, taxes, depreciation, and amortization) in 2025. 

"Over the past years we have worked tirelessly to strengthen the business, simplify its structure, and unlock its potential as a true environmental infrastructure platform," says Louis Samson, Platinum’s co president. "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."

The company’s managing director Igor Chacartegui, adds: "The transformation of Urbaser demonstrates the power of our M&A&O (mergers, acquisitions and operations) approach and the strength of our on-the-ground capabilities in Spain and in Europe. Urbaser has delivered strong financial performance, the result of a multi year transformation driven by organic growth initiatives, operational improvements and very active and hands-on portfolio optimisation. The volume and complexity of the work we did together is hard to describe but we believe the results speak for themselves."

Highlights of the transformation include:

* €1.6 billion invested over the past five years in a combination of capital expenditure and M&A
* Executed 20 add-on acquisitions
* Divested 13 non-core divisions and other assets
* Increased revenue by more than 60% and EBITDA by 70% since 2020, including double digit growth in every geography of presence
* Grew municipal and industrial waste treatment segments, emphasising opportunities for above market growth, contracted long-term cash flows and attractive returns on invested capital
* Increased backlog by €3.0 billion to over €15Bn of revenues
* Onboarded a new executive leadership team led by current Urbaser CEO Fernando Abril-Martorell
* Significant reinforcement of ESG-related (Environmental, Social and Governance) areas as key strategic pillar 

Urbaser CEO Abril Martorell, says:

"Platinum Equity's partnership has been instrumental to our success. Its 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 sale of Urbaser follows a recent refinancing of its capital structure that included a portability feature for its senior debt and a cross-border PIK holdco structure, both novel terms in the European financing market.

Louis Samson explains further:

"We pride ourselves in not only using the latest capital markets technology but also in pushing new frontiers and developing forward-leaning solutions. This is another example of creative and innovative structuring that brings tangible value to the buyer and ultimately to the transaction.

"The transformation of Urbaser underscores the depth of our European investment capabilities and the power of the resources we've put in place across Europe and in the Iberian Peninsula. We've built real momentum there, and this is another important milestone in our long-term commitment to the region."

The transaction is subject to customary regulatory approvals.

www.platinumequity.com | www.urbaser.com

5th March 2026