Platinum Equity Completes Sale of Global Environmental Services Business Urbaser to Blackstone and EQT for $6.6 Billion

Sale of Madrid-based environmental infrastructure platform follows multi-year transformation process

LONDON (September 22, 2026) - Platinum Equity announced today that the sale of Urbaser to Blackstone and EQT in a transaction valued at approximately $6.6 billion (€5.6 billion) has been completed.

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 38,000 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 has retained 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.

"Urbaser today is a fundamentally different business than the one we acquired nearly five years ago," said Louis Samson, Co-President of Platinum Equity. "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."

Igor Chacartegui, Managing Director at Platinum Equity, said: "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."

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 a key strategic pillar

"Platinum Equity challenged us to think bigger about what Urbaser could become and backed that vision with meaningful investment and operational support," said Urbaser CEO Fernando Abril-Martorell. "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."

The sale of Urbaser followed a refinancing of the company's capital structure last year 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 take pride in combining the latest capital markets tools with a willingness to develop new solutions that meet the unique needs of each situation," said Samson. "The refinancing that preceded the sale is another example of thoughtful structuring that created meaningful value for all parties involved."

Samson added: "Urbaser is another example of the scale and sophistication of the platform we've built across Europe. The region continues to present compelling opportunities to create value, and we remain committed to investing in businesses where we can put our playbook to work."

Earlier this month Platinum Equity announced the signing of a definitive agreement to sell De Wave, a leading provider of cruise ship interiors and outfitting services based on Genoa, Italy.

Platinum Equity's current European portfolio includes a dozen companies across 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 served as financial advisors to Platinum Equity on the sale of Urbaser. Latham & Watkins LLP served 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.

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