Platinum Equity Exits Urbaser for $6.6B After Five-Year Turnaround…

Event summary

Platinum Equity sold Urbaser to Blackstone and EQT for $6.6B (€5.6B) after acquiring it in 2021 for $4.2B (€3.5B).
The sale followed a five-year transformation that included €1.6B in capex and M&A, 20 add-on acquisitions, and 13 divestitures.
Urbaser's revenue and EBITDA grew by 60% and 70% respectively since 2020, with double-digit growth in all geographies.
Platinum Equity retained Urbaser's Argentine waste management business, which generated €80M in EBITDA in 2025.

The big picture

Platinum Equity's exit from Urbaser underscores the firm's strategy of acquiring, transforming, and selling businesses in high-growth sectors like environmental infrastructure. The $6.6B sale price reflects the value created through operational improvements and strategic repositioning. This deal also highlights the increasing appetite among private equity firms for assets with strong ESG credentials and long-term contracted revenues.

What we're watching

Portfolio Strategy: How Platinum Equity will deploy the proceeds from the Urbaser sale to fuel further investments in its European portfolio.
ESG Focus: Whether Blackstone and EQT can sustain Urbaser's ESG initiatives and circular economy goals under new ownership.
Market Dynamics: The pace at which environmental infrastructure deals will continue to attract private equity investment amid regulatory shifts.