Trail sells Sepur

Trail sells its majority stake in Sepur, a major French player in the environmental services, to Cube Infrastructure Managers.

Sepur is one of the leading operators in France in household waste collection and urban cleaning services. With 3,200 FTEs and a fleet of 1,700 vehicles, spread over more than 30 operational sites, and revenues in 2021 of nearly €270 million, Sepur serves more than 9 million people, representing about 15% of the French population.

Since Trail became the company’s majority shareholder in 2012, Sepur has developed into a leading independent national operator in waste collection and urban cleaning, with revenues growth of more than 80% and a 2.5-fold increase in EBITDA. This development has been driven by a strategy of geographic expansion and operational improvement. Sepur is also committed to the energy transition, with the deployment of a clean vehicle fleet (which is currently 33% fueled by green energy) and waste to energy via methanization and co-composting.

The terms of the transaction have not been made public and the operation remains subject to the approval of the antitrust authorities.

Xavier Marin, Chairman of Trail, said: “Trail, as a majority shareholder, is pleased to have supported the management in transforming a company with a regional footprint into a major national player within its markets and recognized for its operational excellence and CSR initiatives.”

Hervé Matuszewski, Chairman of Sepur’s Supervisory Board, mentioned, “Sepur has not only established itself as an independent leader, but has also changed dimension both in its operational performance and in its geographical coverage, overperforming market growth”.

Youri Ivanov, President of Sepur, declared, “Trail was an excellent partner who granted time to the company to develop its businesses and, through its role of shareholder, actively contributed to the company’s transformation”.

Trail was advised on the legal matters by Shearman & Sterling and on the financial, tax, legal and social matters by PwC. Hervé Matuszewski was advised by Couderc Dinh & Associés on legal and tax matters.

About Trail:

Trail is an independent European private equity firm with close to €1 billion of cumulative capital under management. Trail benefits from a unique Euro-Asian platform, created together with two Chinese institutional partners. Trail’s team supports successful European SMEs in their development, with a particular focus on growth and innovation. Trail is committed to responsible investment. Trail has three offices in Paris, Beijing, and Luxembourg.