Cube Infrastructure Managers agrees to buy Urbaser Nordic  

• Urbaser, a Spanish integrated waste management group, is the seller
• Nord is Cube’s second investment in the municipal waste collection segment
• Cube is an independent mid-market infrastructure investor

Cube Infrastructure Managers, via Cube Infrastructure Fund III, has agreed to acquire Urbaser Nordic (Nord), an infrastructure service provider delivering municipal waste collection services to local communities in Nordic countries, from Urbaser.

No financial details of the transaction were disclosed.

Nord is headquartered in Sørum, Norway. The company recently expanded into waste treatment in Denmark.

Cube plans to support Nord with capital to accelerate its future growth in the Nordic countries in its core municipal waste collection segment as well as in synergetic industrial & commercial collection and in the Danish waste treatment sector, the release added.

“After the successful transformation of Nord over the last few years under Urbaser’s ownership, we are excited to partner with the group’s management and we look forward to supporting the group in addressing the opportunities which the dynamic Nordic market offers,” said Stefan Weis, partner at Cube.

Nord’s management team has grown the business and improved profitability by rationalising its portfolio of contracts and achieving operational efficiencies across the countries under Urbaser’s ownership, according to a release.

Nord is Cube’s second investment in the municipal waste collection segment. The two waste collection platforms owned by Cube in the Nordics and in France will continue to operate independently.

Nord is Cube Infrastructure Fund III´s 12th investment since 2021.

The transaction is subject to regulatory approval.

Cube is an independent mid-market infrastructure investor based in Luxembourg. The firm has raised an aggregate €4.2 billion and manages four funds.

Urbaser is a Spanish integrated waste management group. The company is based in Madrid.

Cube was assisted by Nomura Greentech as financial advisor, sole financing arranger and underwriter. DLA Piper acted as legal advisor, and PwC as financial and tax advisor.