Buenavista Buys Stake in PET Recycling Firm

Buenavista Infrastructure has finalized its seventh and final investment for the Buenavista Infraestructuras Iberia I fund, acquiring a 30% stake in Extremadura TorrePet, S.L. This strategic move into the food-grade recycled PET (rPET) sector marks a significant expansion for the infrastructure-focused investor, aligning with the European Union's escalating demands for plastic circularity.

The transaction sees Buenavista Infrastructure, through its vehicles Buenavista Infraestructuras Iberia I, FCR and Buenavista Infraestructuras Coinversión I, SCR, partnering with VALGROUP, S.A. Veolia, which retains the remaining 70% ownership. TorrePet, established in 2005, stands as a pioneer in the Iberian Peninsula for its specialized production of high-quality, food-grade rPET flakes. The company is recognized across Europe for its comprehensive approach to PET recycling, uniquely possessing bottle-to-bottle (b2b) processing capabilities within Spain.

Operating from Torremejía in Badajoz, Spain, TorrePet's facility boasts an annual capacity to process 50,000 tons of post-consumer PET waste into rPET flakes. These flakes are then ready for direct integration into the manufacturing of new plastic bottles, underscoring the company's critical role in closing the loop for PET packaging. This investment injects capital into a company at the forefront of sustainable materials, a sector experiencing substantial growth driven by regulatory pressures and consumer demand for eco-friendly products.

This acquisition successfully concludes the investment period for the Buenavista Infraestructuras Iberia I fund, which has now fully deployed its committed capital. The fund's portfolio, now diversified across mobility, social, environmental, and energy infrastructure, includes toll roads, marinas, and a geospatial data company. TorrePet's inclusion highlights Buenavista's commitment to ESG principles, evidenced by TorrePet's six current certifications, including the prestigious "End of Waste Condition" accreditation from the Spanish Ministry for Ecological Transition and the Demographic Challenge.

Victoriano López-Pinto, Managing Partner at Buenavista Infrastructure, emphasized the strategic value of TorrePet, noting its technological leadership and its contribution to a transforming market. He stated, “Acquiring TorrePet allows us to enter a sector that will shape European infrastructure. Partnering with Veolia presents a significant growth opportunity.” The successful deployment of the Iberia I fund demonstrates investor confidence in Buenavista's strategy for sustainable infrastructure.

Lucas Geronimi, Executive Director at Valgroup, reaffirmed the company's long-term commitment to recycling as a strategic pillar. He expressed pride in TorrePet's development and its contribution to the circular economy, stating, “We are confident that the company will continue to expand its contribution to the circular economy alongside its new partners.” The deal was supported by Deloitte for Buenavista Infrastructure and PWACS Corporate Finance and PWACS Legal for VALGROUP, S.A.