Macquarie Asset Management and BCI complete acquisition of Renewi

Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, and British Columbia Investment Management Corporation (BCI) (together, “the Consortium”), have completed the acquisition of Renewi, a leading waste-to-product company.

Renewi is a pure-play recycling company that focuses on extracting value from waste and used materials, diverting waste flows from incineration or landfill. The company sorts and processes more than 10 million tonnes of waste and wastewater at around 150 sites, primarily across the Netherlands and Belgium, two of Europe’s most advanced circular economies. Renewi utilises innovative processes and advanced technology to transform waste into circular materials, including paper, metal, plastics, glass, wood, building materials (including sand, gravel and cement replacements), compost and water.

The Consortium will support Renewi to further enhance its position as the circular economy leader across the Netherlands, Belgium, France and Portugal, and will support the business’ transformation initiatives, including the One Renewi strategy that was recently launched to strengthen Renewi’s logistics and processing capabilities. The Consortium’s investment will also enable Renewi to achieve its growth ambitions and increase the company’s recycling yield further.

Gabriele Duesberg, Head of Diversified Infrastructure – EMEA at Macquarie Asset Management, said: “We are delighted to have finalised the acquisition of Renewi, a market leader in the waste sector. As countries across Europe look to transition to waste-free economies, Renewi is well positioned to capitalise on this demand with its strong growth ambitions and innovative waste solutions. We look forward to supporting the business as it becomes a European leader in the circular economy.”

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources at BCI, said: “This acquisition represents an exciting opportunity for us to work alongside Renewi, an established player in the waste sector. We look forward to supporting the business with its transformation initiatives and long-term growth plans, helping to contribute to a more circular economy in Europe.”

Annemieke den Otter, Chief Financial Officer and Board Member at Renewi, said: “We are excited to partner with the Consortium as we focus on advancing circularity and becoming the leading waste-to-product company for Europe’s most advanced circular economies. We have made great progress on this goal over recent years, and as I look ahead, I am confident that with this new collaboration, and through the passion and dedication of our teams, we will create a more sustainable society for all.”

Macquarie Asset Management has invested in, managed and supported the development of assets in the waste management sector for more than 15 years in Europe, the Americas, and Asia-Pacific. Through its investments, Macquarie Asset Management supports the growth strategies of these waste management companies by providing additional capital to scale the businesses, while investing in initiatives to improve performance.

Macquarie Group has been invested in the Benelux region for 20 years. Since 2005, Macquarie Group has been investing in the region’s infrastructure including HES International, one of Europe’s largest diversified port terminals, and SkyNRG, a developer of sustainable aviation fuel.

BCI’s investment in Renewi was made through its Infrastructure & Renewable Resources program, which invests in tangible long-life assets in the Americas, U.K., Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, renewable resources and agri-businesses. BCI Infrastructure & Renewable Resources has a long-established presence in the U.K. and Europe through notable direct investments such as A2 Motorway, Eku Energy, National Gas Transmission, and Reden Solar.

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada with C$250.4 billion in gross assets under management, as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York City, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients.

About Renewi

Renewi is a pure-play recycling company that focuses on extracting value from waste and used materials rather than disposing of them through incineration or landfill. We employ over 6,000 people across 150 operational sites in five countries in Europe. In FY24, Renewi put 6.6 million tonnes of low-carbon circular materials back into use, resulting in a recycling rate of continuing operations of 66.2%. Our recycling efforts help to protect natural resources and prevent more than 2.5 million tonnes of CO2 emissions annually.