Bourne-based Ballast Phoenix is the UK market leader in the recycling of incinerator bottom ash (IBA) for use as a sustainable aggregate. The buyer is H2 Equity Partners.
The deal, expected to conclude at the end of June, includes the sale to of the 7.5% interest held by Ballast Phoenix cofounder and chairman David York.
Ballast Nedam said that H2 plans to build on Ballast Phoenix's position in the IBA recycling market. H2 Equity Partners is an independent private equity firm founded in 1991. Its other investments include car parts distributor Unipart Automotive and solar panel firm Eurocell.