Bloomberg Article: EQT-Backed Covanta Agrees to Buy Waste-Management Firm Circon
April 3, 2023
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Covanta, which describes itself as the world鈥檚 biggest 鈥渨aste-to-energy鈥 provider, is expanding its footprint with a deal to buy聽
The transaction, Covanta鈥檚 eighth since it was聽聽in 2021 by Stockholm-based investment firm聽, branches the company into the Gulf Coast and Midwestern US while doubling its environmental services and waste-management business, according to Chief Executive Officer Azeez Mohammed.
The deal is Covanta鈥 most-transformative ever, adding more than 600 employees and 2,500 customers and accelerating its strategic goals, Mohammed said in an interview. It also dramatically grows its alternative-fuels business. Financial terms of the deal, announced Monday, weren鈥檛 disclosed.
鈥淲e are extremely excited about this Circon deal because of the negative-carbon capabilities that it brings to the sustainable material management transformation of Covanta,鈥 he said.
Circon has been on Covanta鈥檚 radar for a while now, he added.
鈥淲e have known them from the market, we really like their story,鈥 he said. 鈥淭here was excellent chemistry.鈥
Covanta, based in Morristown, New Jersey, diverts 21 million tons of waste annually from landfills through combustion and other means,聽聽to its website.
, based in La Porte, Texas, is a portfolio company of聽嫩B研究院. EQT is one of the largest and most active infrastructure investors globally, with a focus on advancing the energy transition.