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LONDON, 21 April 2023 - Exponent today announces that it has reached an agreement to sell Enva, a leading provider of recycling and resource recovery solutions, to I Squared Capital, an independent global infrastructure manager.

Enva is a recycling and resource recovery business with over 1,600 employees across its 34 operational facilities in the UK and Ireland. It provides a range of services to customers in the industrial, commercial, construction and public sectors, with a particular focus on managing hazardous and specialist waste. Sustainability sits at the heart of Enva’s proposition as it leads on the development of a range of low CO2 waste-derived materials as alternatives to traditional, extractive virgin materials.

Enva was created in 2017 through the acquisition of the Environmental Division of DCC Plc, the Ireland based FTSE 100 company, underscoring Exponent’s experience in investing in industrial services businesses and specialist expertise in corporate carve-outs. Exponent partnered with an accomplished management team, led by CEO Tom Walsh and Executive Chair Niall Wall, a highly experienced industrial executive, prior roles included CEO of Ardagh Group and Sterile Technologies Group.

During its ownership, Exponent has supported Enva to grow organically and through market consolidation, having completed 10 add on transactions since acquiring the business, including Rilta which created the clear #1 player in its market across the Republic of Ireland and Northern Ireland. Between 2017 and 2023, Enva achieved significant revenue growth and delivered an EBITDA CAGR of 12%.  A key driver of this growth was the development of a market leading sustainability proposition, including significant investment in new and upgraded waste recovery solutions that are today used by Enva’s customers to help achieve their sustainability goals while maximising the recovery of waste for use in the development of valuable secondary materials.

James Gunton, Partner at Exponent, said: “We are proud to have been part of Enva’s successful journey so far under Tom’s leadership. 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. We are delighted with the outcome and are confident Enva will continue to thrive with I Squared Capital’s backing.”

Tom Walsh, CEO at Enva, said: “Since partnering with Exponent, Enva has developed a portfolio of innovative waste-to-product technologies to support our customers, acquired a range of synergistic businesses, and brought on a strong bench of talented managers to support key parts of the business. This has allowed us to develop our value added, circular economy-driven proposition and has cemented our position as a leading resource recovery platform in the UK and Ireland. I am delighted to begin the next step on our journey with I Squared Capital.”

Tim Easingwood, Partner at Exponent, said: “It has been a pleasure to work alongside Tom and Niall to support Enva in pioneering the development of new solutions, helping its customers to decarbonise their operations, and creating a platform for continued strong growth in the years to come.”

Niall Wall, Executive Chairman at Enva, said: “I am proud of the growth we have achieved in partnership with Exponent, and the development of a range of services to help Enva’s customers navigate a rapidly evolving regulatory and environmental landscape. This gives Enva a strong foundation for the future as ESG becomes an increasingly critical business focus.”

The completion of the acquisition is subject to customary regulatory approvals and is anticipated in Q2 2023.


Exponent was advised by Rothschild & Co, Allen & Overy, KPMG and OC&C.