GENERAL

WIN Waste Innovations

Creating vertically integrated waste-disposal business with portfolio of 15 waste-to-energy facilities across the U.S.

Please note this investment was executed during prior employment of a Reinova team member

• 2019 Macquarie take-private of WtE operator Wheelabrator; focus on U.S. Northeast.

• Strategy: vertical integration into collection, processing, RNG and asset rationalisation.

• 2019 Macquarie take-private of WtE operator Wheelabrator; focus on U.S. Northeast.

• Strategy: vertical integration into collection, processing, RNG and asset rationalisation.

• Entry multiple captured valuation gap between U.K. WtE and U.S. assets.

• Streamlined portfolio to high-margin Northeast footprint.

• Sold U.K. subsidiary within two years; merged U.S. WtE with rail and collection roll-ups.

• Re-branded platform and exploited RNG opportunity at owned landfills.

• Business mix now mirrors listed integrated waste peers with premium multiples.

• Optional trade sale to strategic or IPO once margin expansion fully visible.