Waterland Private Equity has acquired a 50% ownership stake in Milieu Service Groep (MSG), a prominent provider of waste collection, recycling, and sustainable waste management services operating in the Netherlands and Germany. The transaction, announced on 29 October 2026, establishes a partnership between Waterland and the existing shareholders, who retain the remaining 50% stake.
Milieu Service Groep generates approximately 160 million in annual revenue and employs around 400 people. The group has experienced significant growth in recent years, driven by both organic expansion and strategic acquisitions. Its portfolio includes subsidiaries such as Milieu Service Nederland, Paridon Containers, TH Containers, and Germany’s Lins Recycling, the latter marking MSG’s entry into the German market.
The partnership with Waterland is designed to accelerate MSG’s growth trajectory and strengthen its market position in the waste management sector. Waterland will provide strategic support to enhance MSG’s operational capabilities and consolidate its presence across the Netherlands and Germany.
Carl Berlo, CEO of Milieu Service Groep, commented, “Waterland has a proven track record of helping businesses accelerate their growth. We have a solid, scalable business model, which we will now combine with Waterlands experience and expertise. We look forward to a successful partnership and to making the most of the many opportunities in the market.”
Rinaldo Rosendaal, Partner at Waterland, added, “We are impressed by the growth Milieu Service Groep has achieved in recent years and by the high-quality service it provides to its customers. Together with the management team and current shareholders, we look forward to building on this strong foundation in the years ahead.”
Milieu Service Groep specializes in comprehensive waste management solutions for commercial customers, offering services that range from waste collection to recycling and sustainable disposal. The recent acquisition of Lins Recycling expanded MSG’s footprint into Germany, aligning with its international growth strategy.
The deal is expected to generate synergies through cross-selling enhanced waste management and recycling services across both countries. Waterland’s involvement is anticipated to facilitate geographic expansion, customer acquisition, and operational efficiencies, including consolidation of back-office functions and streamlining logistics.
Industry trends indicate increasing demand for sustainable waste management solutions, driven by regulatory pressures and corporate sustainability commitments. MSG’s strengthened position following this transaction may intensify competition in the Dutch and German markets, potentially prompting further consolidation among smaller local players.
Financial terms of the deal were not disclosed. The partnership structure reflects a 50/50 ownership split, which may require careful alignment of management and shareholder interests during integration. Waterland’s strategic support will focus on operational scalability, digital tool implementation, and enhancing sustainability compliance.
Looking ahead, MSG plans to leverage Waterland’s expertise to pursue organic growth and potential bolt-on acquisitions, further consolidating its market presence. The partnership aims to maintain service quality amid rapid expansion and navigate regulatory differences between the Netherlands and Germany.
This transaction marks a significant step in MSG’s evolution as a leading waste management provider in Europe, supported by Waterland’s private equity resources and strategic guidance.
