M/23/019 Cube/Enva

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M-23-019 SMNP Determination Public
2023.05.23 Merger Announcement

Transaction details

The proposed acquisition by funds managed by I Squared Capital Advisors (US) LLC, through Cube Resource Recovery Europe Limited, of sole control of Enva TopCo Limited has been cleared by the Competition and Consumer Protection Commission.

Notification date	Decision date
Thursday May 4, 2023	Tuesday, May 23, 2023

Parties Involved	Business activities
Cube Resource Recovery Europe Limited	Cube Resource Recovery Europe Limited is a newly-established special-purpose entity, that is indirectly and wholly-owned by funds managed by I Squared Capital Advisors (US) LLC. I Squared Capital Advisors (US) LLC is an independent fund manager, registered as an investment advisor with the United States Securities and Exchange Commission, that specializes in investing and managing infrastructure assets globally, with focus on Europe, the Americas, and select growth economies in Asia and Latin America.
Enva TopCo Limited	Enva TopCo Limited is a provider of recycling and resource recovery solutions, with locations across the United Kingdom and Ireland. Enva TopCo Limited manages a range of hazardous and non-hazardous waste materials from industrial, commercial and municipal customers and creates valuable products for re-use in manufacturing and energy conversion. Enva TopCo Limited supports the life cycle of waste products to provide either a second life, such as the production of energy or, in many cases, closed-loop recycling solutions.

Parties Involved

Business activities

Cube Resource Recovery Europe Limited

Cube Resource Recovery Europe Limited is a newly-established special-purpose entity, that is indirectly and wholly-owned by funds managed by I Squared Capital Advisors (US) LLC.

I Squared Capital Advisors (US) LLC is an independent fund manager, registered as an investment advisor with the United States Securities and Exchange Commission, that specializes in investing and managing infrastructure assets globally, with focus on Europe, the Americas, and select growth economies in Asia and Latin America.

Enva TopCo Limited

Enva TopCo Limited is a provider of recycling and resource recovery solutions, with locations across the United Kingdom and Ireland. Enva TopCo Limited manages a range of hazardous and non-hazardous waste materials from industrial, commercial and municipal customers and creates valuable products for re-use in manufacturing and energy conversion. Enva TopCo Limited supports the life cycle of waste products to provide either a second life, such as the production of energy or, in many cases, closed-loop recycling solutions.

Economic sector	Media merger
Energy and Utilities	No

Submissions from third parties due by:
Phase 1	Phase 2
Monday, May 22, 2023

Current status: Completed
Cleared (Phase 1)

Authorised Officer Assigned	Contact Details
Eilís McDonnell	eilismcdonnell@ccpc.ie

Media enquiries: communications@ccpc.ie

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M/23/019 Cube/Enva

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