Platinum Equity has completed the sale of Urbaser, a global environmental infrastructure and waste management company, to Blackstone and EQT for approximately $6.6 billion (€5.6 billion). The transaction follows a multiyear operational and financial transformation of the Madrid-based business, which Platinum Equity acquired in October 2021 for approximately $4.2 billion (€3.5 billion). As part of the transaction, Platinum Equity has retained Urbaser’s waste management operations in Argentina, which generated approximately $90 million (€80 million) in EBITDA during 2025.
Urbaser provides municipal and industrial waste management services to more than 60 million people worldwide and employs over 38,000 people.
The company’s principal operations span three business segments: Urban Services, Municipal Waste Treatment, and Industrial Waste Treatment.
Its Urban Services division provides municipal waste collection, street cleaning, and water management services, while its treatment businesses process municipal and industrial waste through an international network of facilities.
During Platinum Equity’s ownership, Urbaser underwent a substantial operational transformation involving acquisitions, divestitures, capital investment, management changes, and expansion into higher-growth environmental infrastructure markets.
Platinum Equity invested approximately €1.6 billion over five years through capital expenditures and mergers and acquisitions.
The company also completed 20 add-on acquisitions and divested 13 noncore divisions and other assets, restructuring its portfolio to emphasize municipal and industrial waste treatment businesses with attractive growth characteristics and long-term contracted revenue.
These initiatives contributed to significant financial growth.
According to Platinum Equity, Urbaser’s revenue increased by more than 60% and EBITDA rose by approximately 70% since 2020, with double-digit growth across every geographic market in which the company operates.
Its contracted revenue backlog increased by approximately €3 billion to more than €15 billion, providing additional visibility into future revenue.
Platinum Equity also recruited a new executive leadership team led by Urbaser CEO Fernando Abril-Martorell, who oversaw the company’s operational development and portfolio transformation.
The strategy involved expanding Urbaser’s waste treatment operations while strengthening its position in municipal and industrial environmental services.
The company also increased investment in environmental, social, and governance initiatives as part of its broader operational strategy.
The completed sale followed a refinancing of Urbaser’s capital structure in 2025.
The refinancing incorporated a portability feature for its senior debt and a cross-border payment-in-kind holding company structure, both of which Platinum Equity described as innovative financing arrangements in the European market.
The debt portability feature was designed to support greater flexibility in connection with a potential ownership transition.
Platinum Equity’s retained Argentine business has operated in the country for approximately 30 years and generated around $90 million in EBITDA in 2025.
The retained operations were excluded from the broader sale to Blackstone and EQT, allowing Platinum Equity to maintain exposure to that market following the transaction.
The Urbaser exit also reflects Platinum Equity’s continued investment and divestiture activity across Europe.
Earlier in September, the firm announced a definitive agreement to sell De Wave, an Italian company specializing in cruise ship interiors and outfitting services.
Its European portfolio includes approximately 12 companies operating across the United Kingdom, Germany, Italy, France, the Netherlands, and Spain.
Recent acquisitions include Solo Group and XD Connects, suppliers of branded merchandise and promotional products, and Sunrise Medical, a provider of assisted mobility products.
Founded in 1995 by Tom Gores, Platinum Equity manages approximately $50 billion in assets and has a portfolio of roughly 60 operating companies.
The firm has completed more than 550 acquisitions across manufacturing, distribution, transportation, logistics, technology, telecommunications, and other industries.
Support: Citi and Santander served as financial advisors to Platinum Equity on the Urbaser transaction, while Latham & Watkins provided legal counsel.
KEY QUOTES:
“Urbaser today is a fundamentally different business than the one we acquired nearly five years ago. We assembled a deep and talented management team then worked together to invest in the platform, sharpen the company’s strategic focus, expand its capabilities and strengthen its position in attractive environmental infrastructure markets. We’re grateful to the Urbaser team for their partnership and proud of everything we accomplished together.”
Louis Samson, Co-President of Platinum Equity
“This was a highly ambitious transformation that touched nearly every part of the organization. We executed a significant investment program, completed numerous acquisitions and divestitures, and repositioned the portfolio toward sectors with stronger growth characteristics and long-term contracted revenues. We believe the company is more focused and more resilient today with substantial momentum heading into its next chapter.”
Igor Chacartegui, Managing Director at Platinum Equity
“Platinum Equity challenged us to think bigger about what Urbaser could become and backed that vision with meaningful investment and operational support. We embraced that vision and Platinum Equity trusted us to execute. Over the past four years, we have carried out a profound transformation of the company, all made possible above all by the exceptional dedication and talent of the entire Urbaser team.”
Fernando Abril-Martorell, CEO of Urbaser
