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Viscolube acquires Bitolea Holding

Viscolube, a portfolio company of Stirling Square Capital Partners’ Third Fund, has acquired Bitolea Holding from Clessidra Capital Partners II (Clessidra).

Viscolube is the Italian leader in the used motor oil recycling sector, and a growing player in the hazardous waste collection and treatment sector in Italy. It operates two chemical plants which process over 170 thousand tonnes of used lubricant oil annually and an industrial waste collection network managing more than 140 thousand tonnes for more than 12,000 customers.
 
Bitolea is the leading Italian player in the treatment and recycling of solvents and other chemical waste, managing over 110 thousand tonnes of products annually. The company is headquartered in Pavia and maintains a share of 35 per cent in the waste solvent regeneration market in Italy, and a share of 65 per cent in the active pharmaceutical ingredients (API) sub-segment of the market.
 
Both companies are chemical engineering-driven business with state-of-the-art facilities that will benefit from cross-fertilisation initiatives and best-practice adoption. The combined business represents the technology leader in the liquid waste regeneration sector as well as a one-stop shop for industrial waste solutions.
 
Antonio Lazzarinetti, CEO of Viscolube, says: “The combination of Viscolube and Bitolea will create a national champion of the circular economy, with undisputed leadership in technology and process know-how, unique development capabilities, and a zealous focus on the highest environmental, health and safety standards.”
 
Enrico Biale of Stirling Square, says: “Bitolea represents a compelling strategic fit for Viscolube. This is a truly transformational acquisition, which establishes the clear leading platform in the highly fragmented hazardous waste industry. Importantly, both businesses serve a critical environmental service, as the alternative to regeneration for such waste is incineration. We are proud to invest in businesses founded on a principle of respect for the environment.”
 
Simone Cucchetti, Managing Director of Clessidra, says: “We are glad to complete this transaction. Over the past few years, we believe to have successfully transitioned Bitolea from a family owned business to a management-led corporate player. Bitolea will benefit from being part of a larger group in the context of the waste recycling industry.”

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