Rinovha Acquires Inert.Eco, Expands Waste Management Services

Rinovha, the industrial waste management platform backed by Xenon Private Equity, continues its aggressive expansion strategy with the acquisition of Inert.Eco. This latest move marks the seventh acquisition for the group, which was established in late 2025 with the ambitious goal of reaching €200 million in revenue by the close of 2026 through a combination of organic growth and strategic integrations.

The integration of Inert.Eco, a specialist in recovering non-hazardous inert industrial waste, significantly broadens Rinovha's operational capabilities. The acquired company, founded in 1997, operates a key facility in Santo Stefano di Magra, near the port of La Spezia. This strategic location allows it to serve a vital economic corridor encompassing eastern Liguria and adjacent Tuscan and Emilia-Romagna provinces. Inert.Eco's expertise lies in processing materials such as land remediation spoils, metallurgical slags, and construction and demolition debris, transforming them into valuable components for cementitious conglomerates and mixed cements used in infrastructure projects.

Financially, Inert.Eco reported robust performance in 2025, generating €3.5 million in revenue and achieving an EBITDA of €1.3 million, with a healthy net liquidity position of €1.5 million at year-end. This acquisition follows Rinovha's February 2026 purchase of Il Recupero, underscoring the platform's commitment to consolidating a traditionally fragmented sector. The environmental services market in Italy is experiencing significant tailwinds, driven by stricter regulations and increasing corporate focus on sustainability, creating a fertile ground for consolidation plays like Rinovha.

With the addition of Inert.Eco, Rinovha now boasts a workforce exceeding 400 employees and serves over 3,500 active clients. The platform's comprehensive service offering spans the entire environmental value chain, including brokerage, collection and transport, treatment, disposal, industrial decommissioning, and complex site remediation. This integrated approach positions Rinovha as a formidable player capable of addressing diverse client needs across Italy and internationally. Other key entities within the Rinovha group include Alm. Eco, Bellatrice, Gamma, Marcon, and Vico.

Gianluca Cencia, CEO of Rinovha, highlighted the strategic importance of the acquisition: “The integration of Inert.Eco represents a significant advancement in our growth trajectory. It aligns perfectly with our strategy of incorporating highly specialized and geographically complementary businesses. Inert.Eco brings nearly three decades of specialized experience in non-hazardous industrial waste recovery and a strong regional presence, further enhancing Rinovha's expertise and operational capacity.”

Elena Monteduro, Investment Manager at Xenon Private Equity and a board member of Rinovha, emphasized the broader vision: “Our objective is to forge a leading private sector hub in Italy for environmental services, covering the entire value chain. We aim to synergize the deep-rooted expertise of regional companies within a national framework, enabling us to effectively meet the demands of a dynamic and evolving market.” The initial capital for Rinovha's formation and its subsequent aggregation strategy was supported by a unitranche loan facility provided by Tikehau Capital, which committed further financing to fuel the group's expansion.