Altor Fund III has signed an agreement to acquire Oslo, Norway-based environmental services provider Veolia Miljø AS from Veolia Propreté.
The transaction, which is still subject to customary closing conditions, is expected to close in March. After closing, Veolia Miljø will change name.
The company offers a wide range of sustainable waste management and recycling solutions, working with businesses, industry and local authorities across the country from more than 70 locations.
Veolia Miljø has revenues above NOK 3 billion and has about 1,200 employees working within waste collection and recycling services, ferrous and non-ferrous metal recycling, industrial and offshore services, hazardous waste, and demolition.
Commenting on the investment, Claes Ekström, Partner at Altor Equity Partners, said: “We see significant value creation opportunities in all parts of Veolia’s businesses and look forward to supporting Veolia’s management and employees in capturing these”.