Acquisition of a European waste-to-value pyrolysis platform

Acquisition of a European waste-to-value pyrolysis platform

Acquisition of a European waste-to-value pyrolysis platform


M&A Transactions – Energy Transition

The Engagement:

Origination & Commercial Due Diligence

Waste Recycling Plant

The Client:

Global Infrastructure Investment Fund


9 months

Transaction summary

  • Our client was seeking platform investment opportunities in the recycling and waste-to-value sector, to allow for a scaled-up deployment of capital over a 3-5 years period
  • The seller was seeking equity investment capital to fund the construction of a world-first commercial scale, 180,000 tonnes per annum waste tyre pyrolysis plant to convert end-of-life tyres (ELTs) into high-value products such as biofuels and chemical products
  • Long-term feedstock supply and product contracts were secured
  • There was an investment opportunity in the holding company, allowing for capital participation in a significant pipeline of additional plants in Europe and the US to become the global leader in waste tyre pyrolysis
  • Initial investment of €50-75 million with runway to deploy up to €500 million over 5 years


  • Energex analysed and profiled the emerging ELT market across Europe and engaged directly with each of the major players to explore capital requirements, understand their business models and form a view on the commercial feasibility of each project
  • Selected and presented an investment opportunity to our client and proceeded with detailed due diligence
  • Built a financial model and 5-year business plan, with base, downside and upside cases
  • Conducted a detailed analysis of feedstock supply dynamics, logistics and regulations.
  • Conducted a detailed analysis of product off-take markets and pricing dynamics including subsidy regimes
  • Took on board advice on technology ‘readiness’ from technical advisors
  • Facilitated bilateral negotiations between our client and the target business. 
  • Transaction did not close owing to eventual irreconcilable differences in final deal structure