Sale of Madrid-based environmental infrastructure platform follows multi-year transformation process
LOS ANGELES, Feb. 12, 2026 /PRNewswire/ — Platinum Equity announced today the signing of a definitive agreement to sell Urbaser to Blackstone and EQT in a transaction valued at approximately $6.6 billion (€5.6 billion). The transaction is subject to customary regulatory approvals.
Urbaser is a global integrated environmental infrastructure platform specialized in the collection, management and treatment of municipal and industrial waste. The company serves more than 60 million people across the globe through a network of more than 50,000 employees. Headquartered in Madrid, Spain, Urbaser’s core business comprises three segments: Urban Services (waste collection, street cleaning and water management), Municipal Waste Treatment, and Industrial Waste Treatment.
Platinum Equity acquired Urbaser in October 2021 from China Tianying Inc. for an enterprise value of approximately $4.2 billion (€3.5 billion).
As part of the transaction, Platinum Equity will retain Urbaser’s waste management business in Argentina which has been operating in the region for 30 years and generated approximately $90 million (€80 million) of EBITDA in 2025.
“Over the past years we have worked tirelessly to strengthen the business, simplify its structure, and unlock its potential as a true environmental infrastructure platform,” said Louis Samson, Co‑President of Platinum Equity. “With a seasoned management team in place alongside a focused strategic plan, the company has all the tools necessary for continued success in the next phase of its journey.”
Igor Chacartegui, Managing Director at Platinum Equity, said: “The transformation of Urbaser demonstrates the power of our M&A&O approach and the strength of our on-the-ground capabilities in Spain and in Europe. Urbaser has delivered strong financial performance, the result of a multi‑year transformation driven by organic growth initiatives, operational improvements, and very active and hands-on portfolio optimization. The volume and complexity of the work we did together is hard to describe but we believe the results speak for themselves.”
Highlights of the transformation include:
- €1.6 billion invested over the past five years in a combination of capex and M&A
- Executed 20 add-on acquisitions
- Divested 13 non-core divisions and other assets
- Increased revenue by more than 60 percent and EBITDA by 70 percent since 2020, including double digit growth in every geography of presence
- Grew municipal and industrial waste treatment segments, emphasizing opportunities for above‑market growth, contracted long-term cash flows and attractive returns on invested capital
- Increased backlog by €3.0 billion to over €15 billion of revenues
- Onboarded a new executive leadership team led by current Urbaser CEO Fernando Abril-Martorell
- Significant reinforcement of ESG related areas as key strategic pillar
“Platinum Equity’s partnership has been instrumental to our success,” said Urbaser CEO Abril‑Martorell. “Their operational and capital allocation support as well as strategic guidance helped sharpen our focus and enhance the efficiency and profitability of the business. We are proud of what we have achieved together.”
The sale of Urbaser follows a recent refinancing of its capital structure that included a portability feature for its senior debt and a cross-border PIK holdco structure, both novel terms in the European financing market
“We pride ourselves in not only using the latest capital markets technology but also in pushing new frontiers and developing forward-leaning solutions,” said Samson. “This is another example of creative and innovative structuring that brings tangible value to the buyer and ultimately to the transaction.”
Samson added: “The transformation of Urbaser underscores the depth of our European investment capabilities and the power of the resources we’ve put in place across Europe and in the Iberian Peninsula. We’ve built real momentum there, and this is another important milestone in our long-term commitment to the region.”
Platinum Equity’s current European portfolio includes a dozen companies spanning across from the UK, Germany, Italy, France, the Netherlands and Spain and includes the recent acquisitions of Solo Group and XD Connects, pan-European suppliers of custom-branded merchandise and promotional goods; and Sunrise Medical, a leader in assisted mobility solutions.
Citi and Santander are serving as financial advisors to Platinum Equity on the sale of Urbaser. Latham & Watkins LLP is serving as the firm’s legal counsel.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $50 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 30 years Platinum Equity has completed more than 550 acquisitions.
About Urbaser:
Urbaser is one of the world leaders in environmental solutions, a global company focused on enhancing the value of the planet’s resources to build a more sustainable tomorrow. We serve more than 60 million people across the globe through our cleaning and collection services and manage more than 150 treatment plants, thanks to a huge network of more than 50,000 employees who promote real circularity every day.
Contact:
Dan Whelan
Platinum Equity
dwhelan@platinumequity.com
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SOURCE Platinum Equity
