European metal recycler BUS Group has changed hands in a deal with an enterprise value of €330m (US$422m).
STAR Capital Partners bought the business, which specialises in recycling zinc and nickel dust created by steel producers, from German company AGOR in January 2005.
Less than two years later STAR has sold the company to Befesa Medio Ambiente SA. The sale is the third realisation from the STAR 1 Fund, which focuses on capital intensive businesses and asset based entities.
BUS returns the metal it recovers to the steel producers it acts for or else sends it to smelters to be turned back into base metal. The company has five plants in France, Germany and Sweden.
BUS chief executive Oliver Jager said: “STAR has been a valuable and highly supportive partner during our time under its ownership. We look forward to delivering similar success to Befesa.
Argent Partners and NM Rothshchild acted for STAR on the disposal. The private equity group has €1bn under management. The German authorities must approve the deal.