CVC DIF has agreed to acquire a majority stake in EcoEridania, an Italian medical and industrial waste management company. The investment will be made through DIF Infrastructure VIII and is expected to close in the fourth quarter of 2026, subject to customary conditions.
Financial terms of the transaction were not disclosed.
The deal involves the indirect sale of a 75% interest in EcoEridania by iCON Infrastructure Operations, an investment company affiliated with iCON Infrastructure.
EcoEridania founder and CEO Andrea Giustini will increase his significant minority ownership position as part of the transaction.
Giustini will continue leading the business and working with CVC DIF to execute its long-term growth strategy.
Founded in 1988 and headquartered in Genoa, EcoEridania provides integrated waste management services to healthcare institutions and industrial customers throughout Italy.
The company operates across the full waste management process, including collection, transportation, storage, treatment, recovery and disposal.
EcoEridania is Italy’s largest fully integrated medical waste management operator and one of the country’s largest diversified industrial waste platforms.
During 2025, the company served approximately 27,000 customers through a national network of 22 treatment and disposal facilities.
EcoEridania also operated a fleet of approximately 1,600 vehicles and managed around 1.3 million tons of waste during the year.
Medical waste management requires specialized collection, transportation and treatment processes because materials can include infectious waste, pharmaceuticals, laboratory materials and other products requiring controlled handling.
An integrated operating model allows EcoEridania to manage more stages of the process internally rather than relying on several unrelated service providers.
The company’s industrial waste operations broaden its exposure beyond healthcare and provide services to customers across other sectors requiring reliable waste recovery, treatment and disposal.
CVC DIF plans to support further investment in EcoEridania’s operating capabilities and nationwide infrastructure.
The firms will also evaluate organic growth initiatives and selected acquisitions across medical and industrial waste management.
Organic expansion could involve adding capacity, opening facilities, extending service coverage or increasing activity within existing customer relationships.
Acquisitions could help EcoEridania enter additional markets, add specialized treatment capabilities or expand into new waste categories.
The transaction marks CVC DIF’s first investment in Italy since opening its Milan office in 2024.
CVC DIF is the infrastructure investment division of global private equity manager CVC.
Its strategy includes investing in essential infrastructure businesses that provide services supported by long-term demand.
Waste management is generally viewed as essential infrastructure because healthcare institutions, manufacturers and other organizations require continuous collection and treatment services regardless of broader economic conditions.
CVC DIF believes EcoEridania’s national footprint, integrated operating model and established position in medical waste provide a foundation for continued expansion.
The investment will also support EcoEridania’s plans to evaluate opportunities outside Italy.
Giustini said the company intends to continue investing in innovation and strengthening its domestic operations while pursuing international growth.
iCON has partnered with EcoEridania for more than eight years.
During that period, the company expanded and diversified its operations across medical and industrial waste management.
CVC DIF was advised by Citi and Jefferies as financial advisers and Clifford Chance as legal adviser.
J.P. Morgan served as financial adviser to iCON Infrastructure Operations, while Chiomenti acted as legal adviser.
Giustini’s Roccaforte was advised by Lazard as sole financial adviser and Hogan Lovells and Cadwalader as legal advisers.
KEY QUOTES:
“EcoEridania is a clear leader in the Italian medical waste management sector, and this investment reflects our conviction in the long-term value of essential infrastructure. We are equally positive about EcoEridania’s fast-growing industrial waste platform, which broadens the company’s activities and offers meaningful further growth potential. We are delighted to partner with Andrea Giustini and the management team to support the company’s continued growth as it further strengthens its nationwide platform. This transaction marks our first investment in Italy since opening our Milan office in 2024 and reflects our strong commitment to backing high-quality infrastructure businesses across the country.”
Tom Goossens, Co-Head of DIF Infra Funds
“Italy is a strategic market for CVC DIF, and EcoEridania is exactly the type of high-quality, essential infrastructure business that we set out to invest in when we opened our Milan office. We have been impressed by the company’s nationwide footprint, integrated operating model and strong track record. Building on these foundations, we are excited to work alongside Andrea Giustini and the management team to support the next stage of EcoEridania’s growth.”
Roberta Battaglia, Head of CVC DIF Italy
“With the signing of this agreement, a new chapter begins for EcoEridania. We are delighted to be partnering with CVC DIF, which shares our long-term vision and will enable us to accelerate the group’s growth and international expansion. Our objective remains unchanged: to continue investing, innovating and strengthening our presence in Italy, while pursuing new opportunities in international markets. I would also like to sincerely thank everyone at EcoEridania. The value of our company is built on their daily commitment. Together, we have achieved these results, and together, we will continue to reach new milestones. I would also like to thank iCON for believing in our capabilities, vision and initiatives over the past eight years, and for supporting us throughout this growth journey with expertise and trust.”
Andrea Giustini, Founder and CEO of EcoEridania
“We have been delighted with our partnership with Andrea Giustini since our investment in EcoEridania more than eight years ago, during which the company has grown and diversified its business substantially. With the support of CVC DIF, the company is well positioned for future growth under Andrea Giustini’s continued strong leadership and the dedicated management team.”
Ivana Semeraro, Partner at iCON
