Equitix expands Viridor stake in deal with KKR

The deal built on Equitix’s existing position in the business, which it already owned a 35% shareholding in Viridor’s Energy division.

Under the terms of the agreement, Equitix will further expand its exposure to the UK Energy from Waste (EfW) market through Viridor, with a pathway to grow its ownership to up to 50%.

Viridor currently operates 12 EfW facilities, with two additional plants under development, processing around 3.4 million tonnes of waste and recycling annually.

Equitix CIO Achal Bhuwania commented: “This transaction marks an important milestone, setting the path for Equitix to achieve a 50% stake in Viridor Group.

“It reflects our confidence in Viridor as a best-in-class waste-to-energy platform and a vital part of the UK’s critical infrastructure.

“We value our strong strategic partnership with KKR and Viridor’s outstanding management team.”

Viridor CEO Kevin Bradshow added: “We are delighted that Equitix will be further investing in Viridor to support our long-term growth strategy, alongside KKR.

“As we look ahead to this next phase of our strategy, I am thrilled we will maintain these valued partnerships and continue to invest in and grow the business.”

KKR sale of Viridor

The transaction took place against the background of KKR’s planned sale of Viridor, which was reported in mid-2025.

US-based private equity firm KKR acquired the business in 2020 for £4.2 billion, following its carve-out from Pennon Group.

KKR Co-Head of KKR EMEA and Co-Head of European Infrastructure Tara Davies commented: “Viridor has transformed into a high-performing, standalone British leader in waste treatment since its carve-out in 2020, delivering essential services to communities across the UK.

“The business is now delivering consistently strong operational and financial performance, alongside significantly improved health and safety outcomes.

“We see significant long-term opportunity ahead and are pleased to continue our strategic partnership with Equitix as Viridor enters its next phase of growth.”

Equitix, a mid-market infrastructure investor, manages more than £13.8 billion in assets across 24 countries, with a portfolio spanning social, environmental and economic infrastructure.