Luxembourg-based Befesa mainly operates recycling services for steel dust and aluminum salt slags. — Bloomberg
BONN: Buyout firm Triton Partners has built a stake in Befesa SA, people familiar with the matter say, marking a return to the waste recycling firm after its exit more than five years ago.
Triton now holds less than 5% in the Frankfurt-listed firm, the people said, declining to be identified discussing confidential information.
Shares of Befesa surged as much as 8.6% on Monday, according to a report.
The stock has risen about 25% this year, giving the company a market value of about €1bil (US$1.1bil).
The exact size of Triton’s stake in Befesa couldn’t immediately be established.
The private equity firm regularly buys toehold positions in listed companies, and there’s no certainty the Befesa investment will lead to it taking a larger stake or making a takeover offer, the people said.
Representatives for Befesa and Triton declined to comment.
Luxembourg-based Befesa mainly operates recycling services for steel dust and aluminum salt slags.
Triton acquired the company from Spanish industrial conglomerate Abengoa SA in July 2013. It listed Befesa in November 2017 and subsequently exited its investment via block trades over 2018 and 2019, according to its website.
Triton focuses on investing in mid-market companies in industrial technology, business services and health care, its website showed. — Bloomberg
