Waste and environmental services company Enva has been acquired by US-based private equity firm I Squared Capital.

It is understood that the deal is worth over £600m (€678m).

I Squared Capital also owns gas and electricity group Energia, which it purchased for €1bn in 2016.

Enva was formerly a part of DCC’s Environmental Division and was first acquired by Exponent in a deal worth more than £200m in June 2017.

Enva has completed a number of acquisitions across the UK and Ireland in recent years, including the 2018 purchase of Rilta Environment in a deal valued at around €45m.

The company, which employs over 1,600 people across the UK and Ireland, provides waste management services, as well as recycling solutions to customers in the commercial, construction and public sectors.

The business now operates 34 facilities across the UK and Ireland, with a focus on managing hazardous and specialist waste.

“Under our ownership, the business has grown into a leading platform in its markets, doubled profits, and introduced a wide range of sustainable waste recovery and recycling solutions,” Exponent partner James Gunton said.

Enva chief executive Tom Walsh, who previously held senior roles at Bord na Móna and Unicare, said that investment in waste-to-product technologies, as well as the acquisition of a number of “synergistic businesses” has contributed to the growth of the group across the UK and Ireland.

It is understood that there will be no changes to the management of the company following the sale to I Squared Capital.

The private equity firm currently has over $37bn in assets under management.

Headquartered in Miami, the company’s portfolio includes 72 companies in 59 countries.

The deal, which is subject to regulatory approval, is expected to close in the second quarter of the year.

There has been a rise in investor interest in the waste management industry in recent years.

In June 2021, the owner of Panda and Greenstar waste firms here was acquired by Macquarie Asset Management, an Australian asset manager with a focus on the waste sector.

The value of the sale of Beauparc Utilities was reported to have been around €1bn at the time.

In March 2020, US private equity firm KKR also purchased UK recycling company Viridor in a £4.2bn deal.