Morgan Stanley Infrastructure Partners has agreed to acquire a majority stake in Nicollin Environnement. This investment is a significant development in the creation of environmental infrastructure throughout France. Morgan Stanley Infrastructure Partners said investment funds managed by the private infrastructure platform have entered exclusivity and are committed to closing the transaction. The Nicollin family will remain invested in the business and will continue to support its long-term development.
Nicollin Environnement is a French family-owned environmental services company. It offers waste collection and sorting, urban street cleaning and water-related solutions. This agreement underscores Morgan Stanley Infrastructure Partners’ dedication to investing in mission-critical infrastructure businesses with long-term expansion prospects.
Founded in 1945, Nicollin has been owned by the same family for more than three generations. Today, it is one of the leading independent environmental platforms in France. The company provides vital environmental services for municipalities and businesses nationwide. It also operates through a large national network of local service centers.
Investment Fuels Growth, Environmental Transition
The company today manages nearly 360 public contracts and serves around 8,000 private clients. It also relies on some 4,800 employees and a fleet of nearly 2,900 vehicles to carry out its operations. The company’s infrastructure portfolio also includes strategically located depots, transfer stations and sorting facilities, which support nationwide operations.
“After more than 80 years of family ownership, we are proud to begin this next chapter with Morgan Stanley Infrastructure Partners, a partner that shares our vision for the future of Nicollin. Together, we will continue investing in growth, innovation and the environmental transition while preserving the values and culture that have shaped our company for three generations. By retaining an ownership stake, our family remains committed to supporting Nicollin and its teams for the long term,” said Olivier Nicollin and Laurent Nicollin.
Following the acquisition, Morgan Stanley Infrastructure Partners will work closely with the Nicollin family and the management team. The investment aims to strengthen operational performance across the business. Furthermore, the company plans to modernize and decarbonize its vehicle fleet while expanding environmental solutions for municipalities and corporate customers.
The partnership also seeks to improve operational efficiency and enhance service capabilities. As a result, Nicollin expects to continue delivering reliable environmental services while supporting France’s sustainability objectives. The investment further aligns with increasing demand for waste management, circular economy initiatives, and modern urban environmental infrastructure.
“We are thrilled at the prospect to partner with the Nicollin Family and management team through this strategic investment, which will support the next phase of the Company’s growth,” said Alfonso Gómez-Acebo, Managing Director at Morgan Stanley Infrastructure Partners. “Nicollin provides essential environmental solutions across France, supported by long-standing local relationships and a strong reputation for execution quality. We look forward to supporting the Company as it continues to invest in its people, fleet and infrastructure.”
Transaction Expected to Close in Fourth Quarter of 2026
Alberto Donzelli, Co-Head of Europe for Morgan Stanley Infrastructure Partners, highlighted the strategic value of the investment.
“Nicollin is a strong fit with MSIP’s European infrastructure strategy, combining essential municipal solutions, resilient contractual revenues and clear opportunities to support the circular economy,” said Alberto Donzelli, Co-Head of Europe for Morgan Stanley Infrastructure Partners.
The transaction is expected to close during the fourth quarter of 2026. However, completion remains subject to mandatory employee information and consultation procedures, along with customary regulatory approvals.
Paul Hastings acted as legal counsel to MSIP, while Natixis Partners served as financial advisor. Clifford Chance advised the Nicollin family as legal counsel. Rothschild & Co acted as the family’s financial advisor throughout the transaction.
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News Source: Businesswire.com
