Since acquiring the company from China Tianying Inc. in 2021 for $4.2 billion, Platinum Equity directed a comprehensive overhaul of Urbaser’s operations. The transformation involved €1.6 billion in capital expenditure and strategic acquisitions, alongside the divestment of 13 non-core business units. Under the leadership of CEO Fernando Abril-Martorell, the firm expanded its municipal and industrial waste treatment segments, resulting in a 70% increase in EBITDA and a backlog now exceeding €15 billion. Platinum Equity has opted to retain Urbaser’s long-standing waste management operations in Argentina, which generated approximately $90 million in EBITDA last year.

The exit follows a sophisticated refinancing strategy executed last year, which utilized novel cross-border financial structures in the European market. Louis Samson, co-president of Platinum Equity, noted that the sale reflects the firm's broader strategy of scaling its European portfolio. While the firm sheds its environmental infrastructure platform, it maintains a dozen other investments across the UK, Germany, Italy, France, the Netherlands, and Spain. Citi and Santander acted as financial advisors for the deal, with legal counsel provided by Latham & Watkins LLP.