Morgan Stanley to buy majority of French waste group Nicollin
What's the deal? Morgan StanleyDealroom has a profile for this one. Try Dealroom → Investment Management , through funds managed by its private infrastructure arm Morgan Stanley Infrastructure PartnersDealroom has a profile for this one. Try Dealroom → (MSIP), has agreed to acquire a majority stake in Nicollin Environnement, a family-owned French environmental services company. The Nicollin family will retain a stake and continue supporting the business. Terms were not disclosed.
What does Nicollin do? Founded in 1945 and run by the Nicollin family for more than three generations, it is one of France's leading independent environmental platforms, covering waste collection and sorting, urban street cleaning, and water-related solutions.
The scale: Nicollin serves municipalities and businesses through a national network of local centres. It manages roughly 360 public contracts and 8,000 private clients, with about 4,800 employees, 2,900 vehicles, and property including depots, transfer stations, and sorting facilities.
What's the endgame? MSIP said it will work with the family and management to advance operational excellence, renew and decarbonise the fleet, and strengthen offerings to municipal and corporate clients.
"We are thrilled at the prospect to partner with the Nicollin Family and management team through this strategic investment," said Alfonso Gómez-Acebo, a managing director at MSIP. He cited the company's "long-standing local relationships and a strong reputation for execution quality."
What the family says: "After more than 80 years of family ownership, we are proud to begin this next chapter with Morgan Stanley Infrastructure Partners," said Olivier Nicollin and Laurent Nicollin. "By retaining an ownership stake, our family remains committed to supporting Nicollin and its teams for the long term."
The signal: Infrastructure investors are increasingly targeting essential services with stable, contracted revenues. Waste management and fleet decarbonisation combine steady public-sector demand with a clear investment case tied to the environmental transition — a mix that fits MSIP's playbook.
Read more: Wall Street Online
Image credit: JLaw45
