Xenon FIDEC Buys Orim, Specialist in the Treatment of Industrial Waste

The Xenon fund FIDEC (Italian Fund for Decarbonisation and Circular Economy) has announced the acquisition of the majority of Orim spa, a company specialized in the sector of treatment, disposal and recycling of industrial waste and in the recovery of critical raw materials.

The operation on the capital of the company, until now controlled by the Mancini family, provides for a loan in favor of the Xenon FIDEC fund of up to 11 million euros , provided by the Anthilia BIT IV Co-Investment Fund and Anthilia MUST funds , managed by Anthilia Capital Partners sgr. The financing will serve both to support the acquisition and to finance the expansion of Orim’s production capacity.

As part of the acquisition operation, EY acted as advisor in the due diligence, arranger in the structuring of the operation and legal counsel; LCA as legal advisor to Xenon fund FIDEC for the financial part and Advant NCTM as legal advisor to Anthilia sgr.

FIDEC has announced the acquisition of the majority of Orim spa

Orim, based in Macerata, has been active since 1982 in the sector of treatment, disposal and recycling of industrial waste, with particular attention to hazardous waste and the recovery of strategic raw materials. The company operates through two business units: a Traditional Platform, including waste management and disposal activities; and a Circular Economy Platform, including the recovery and sale of metallic and non-metallic materials.

The company closed 2023 with a production value of 23.5 million and an ebitda of 3.2 million, after closing the 2022 budget with a production value of 22.7 million, net revenues of 22.5 million, an ebitda of 2.7 million and a net financial debt of 2.3 million.

Part of the resources raised with the financing will be used in particular for the completion of the calcination and hydrometallurgy plant, with the aim of internalizing the catalyst treatment process and expanding its range of offerings. To date, Orim represents the only Italian company with this type of plant, capable of recovering non-ferrous metals and rare earths starting from exhausted catalysts through hydrometallurgical processes.

The project would guarantee the possibility of obtaining a product free of harmful elements that can be marketed as a raw material in markets outside the European Union. Furthermore, Orim has already received important funding from the European Community within the LIFE GRAPhiREC program given its distinctive ability to recover graphite from spent batteries.

Georg von Kriegsheim, senior director of Xenon FIDEC, commented: “Orim is a company that has developed proprietary technologies in the valorization and extraction of precious and critical materials in over thirty years of history. This is a strategic sector for the country and for Europe. We are therefore happy to announce, after almost two years of work, the entry of our Xenon Fidec fund and the launch of an innovative project together with engineer Alfredo Mancini who will continue to play his leading role. We do not rule out the possibility of bringing together other small specialists to strengthen our proposal to Italian and foreign customers.”

And Barbara Ellero, partner and Head of Private Capital of Anthilia Capital Partners sgr, added: “We are very satisfied with this new and important operation in the name of the circular economy, as Orim represents a unicum in the Italian and European panorama. The presence of a historic operator like Xenon, with which we have further investment projects underway , is an element of guarantee for the validity of the operation, since thanks to the Xenon fund FIDEC has already gained significant experience in the reference sector and brings with it an important industrial vision.”

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First published in Be Beez. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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