Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Infrastructure Partners, announced that it has entered into exclusivity and committed to complete the acquisition of a majority stake in Nicollin Environnement.
Nicollin Environnement is a family-owned French environmental services platform focused on waste collection and sorting, urban street cleaning, and water-related solutions. The Nicollin family will remain invested alongside MSIP and continue supporting the company’s next phase of growth.
Founded in 1945, Nicollin has been led by the Nicollin family for more than three generations. The company is one of France’s leading independent environmental platforms and provides essential services to municipalities and businesses across the country.
Nicollin operates through a national network of local centers. The company manages approximately 360 public contracts and serves about 8,000 private clients.
The platform is supported by approximately 4,800 employees and a fleet of 2,900 vehicles. It also owns a portfolio of strategically located and mission-critical real estate assets, including depots, transfer stations, and sorting facilities.
MSIP plans to support Nicollin’s continued development alongside the Nicollin family and management team. The investment firm said its priorities will include advancing operational excellence, renewing and decarbonizing the fleet, and strengthening Nicollin’s offerings for municipalities and corporate customers.
The deal fits MSIP’s European infrastructure strategy, which targets assets providing essential public goods and services. Nicollin’s waste, urban cleaning, and water-related operations provide resilient contracted revenues and exposure to long-term demand tied to environmental services and the circular economy.
The transaction is expected to close in the fourth quarter of 2026. Closing remains subject to completion of mandatory information and consultation procedures with employee representative bodies and customary regulatory approvals.
Paul Hastings served as legal counsel to MSIP, and Natixis Partners served as financial advisor. Clifford Chance served as legal counsel to the Nicollin family, and Rothschild & Co served as financial advisor.
Morgan Stanley Infrastructure Partners is a global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested across transportation, digital, energy transition, water, and waste infrastructure.
Morgan Stanley Investment Management had $1.9 trillion in assets under management or supervision as of March 31, 2026.
KEY QUOTES:
“After more than 80 years of family ownership, we are proud to begin this next chapter with Morgan Stanley Infrastructure Partners, a partner that shares our vision for the future of Nicollin. Together, we will continue investing in growth, innovation and the environmental transition while preserving the values and culture that have shaped our company for three generations. By retaining an ownership stake, our family remains committed to supporting Nicollin and its teams for the long term.”
Olivier Nicollin and Laurent Nicollin
“We are thrilled at the prospect to partner with the Nicollin Family and management team through this strategic investment, which will support the next phase of the company’s growth. Nicollin provides essential environmental solutions across France, supported by long-standing local relationships and a strong reputation for execution quality. We look forward to supporting the company as it continues to invest in its people, fleet and infrastructure.”
Alfonso Gómez-Acebo, Managing Director at Morgan Stanley Infrastructure Partners
“Nicollin is a strong fit with MSIP’s European infrastructure strategy, combining essential municipal solutions, resilient contractual revenues and clear opportunities to support the circular economy.”
Alberto Donzelli, Co-Head of Europe for Morgan Stanley Infrastructure Partners
