Luxembourg-based investor acquires Urbaser Nordic

Cube Infrastructure Managers, Luxembourg, a European midmarket infrastructure investor, has acquired Sørum, Norway-based Urbaser Nordic (Nord), a waste collection services provider.  

“Our investment in Nord illustrates Cube’s strategy to build on our existing sector knowledge to identify new investment opportunities with strong infrastructure characteristics in attractive geographies,” Cube partner Stefan Weis says. “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.” 

Nord operates across Denmark, Norway, Sweden and Finland and serves approximately 100 municipalities and more than 5 million people. Cube says 45 percent of the company’s fleet is comprised of electric vehicles (EV) or uses either hydrotreated vegetable oils (HVO) or biogas. 

Cube plans to accelerate Nord’s growth in municipal waste collection, synergetic industrial and commercial collection and in the Danish waste treatment sector. 

“The partnership with Cube will allow Nord to continue our strong growth by providing excellent service to our local communities and customers,” Fernando Sogo Soto, managing director at Urbaser Nordic, says. “The management team is looking forward to working with Cube over the coming years to continue to push the boundaries and to take a leading role in the environmental transition of our countries.” 

This acquisition marks Cube’s second investment in the municipal waste collection sector.