The ACCC will not oppose Igneo Infrastructure Partners' proposed acquisition of Benedict Recycling Pty Ltd, following a change to the transaction addressing the ACCC's preliminary competition concerns.
Igneo manages the infrastructure fund which owns Integrated Waste Services (IWS) and operates under the Recycle Central brand in New South Wales. IWS and Benedict Recycling overlap in the supply of building and demolition (B&D) waste processing services in New South Wales's Newcastle region.
In September 2025, the ACCC expressed strong preliminary competition concerns that the proposed acquisition was likely to substantially lessen competition in the supply of mixed B&D waste processing services in the Newcastle region.
"IWS and Benedict Recycling are each other's closest competitors in the area, and there are limited alternatives to IWS and Benedict Recycling for customers to choose from," ACCC Commissioner Dr Philip Williams said.
"We were concerned that in its original form, the proposed acquisition would have led to higher prices or reduced service quality for those seeking to dispose of mixed B&D waste in the Newcastle region."
After the ACCC's preliminary concerns were outlined in its Statement of Issues, and following further engagement with the ACCC, the merger parties restructured the transaction to exclude Benedict Recycling's Newcastle Recycling Centre in Mayfield West, including its assets, staff and equipment, from the transaction.
Under the revised transaction, the Newcastle Recycling Centre will be retained by the existing owners of Benedict Recycling, and it will continue to operate as an independent facility for customers such as waste collectors.
"Having reviewed this restructured transaction, we are of the view that the proposed acquisition is now unlikely to result in a substantial lessening of competition," Dr Williams said.
More information is available on the ACCC's public register at Igneo Infrastructure Partners - Benedict Recycling Pty Ltd.
Note
B&D waste is material generated from the demolition, construction or renovation of residential and commercial buildings, civil projects or infrastructure development. B&D waste is non-putrescible (or 'solid'), meaning it contains primarily non-organic materials that may or may not be recyclable.
Mixed B&D waste is a subcategory of B&D waste which involves materials that have not been segregated. Mixed B&D waste may involve materials such as bricks, concrete, timber, glass, plastic, plasterboard, ceramics, metal, paper and cardboard. Producers of mixed B&D waste typically engage waste collectors to dispose of it. These waste collectors commonly supply skip bins and operate trucks to collect the waste.
Background
Igneo proposes to acquire 100 per cent of the shares of Benedict Recycling. Prior to this acquisition taking place, the assets, staff and equipment of the Newcastle Recycling Centre will be transferred to a new company which will be owned and operated by the current owners of Benedict Recycling.
Igneo is an unlisted infrastructure asset management business of the First Sentier Investors Group, an Australian asset manager with more than $222 billion in funds under management (as at 30 June 2024). First Sentier Investors Group is ultimately owned by Mitsubishi UFJ Financial Group.
Igneo manages an infrastructure fund that owns IWS, a waste management business with operations in Western Australia, South Australia, and New South Wales. IWS provides a range of waste management services including resource recovery, commercial composting, and disposal.
IWS owns Recycle Central Group (Recycle Central), a waste management business that provides waste collection, disposal and processing services for B&D and commercial and industrial (C&I) waste. Recycle Central operates two facilities in Greater Newcastle:
- a large-scale waste processing facility, located in Kurri Kurri, 38 km from the Newcastle CBD; and
- a waste transfer station located in Cardiff (in central Newcastle).
In the Newcastle region, Recycle Central offers collection services under the brands 'Central Skips' and 'Rentaskip'.
Benedict Recycling provides waste disposal and processing services for B&D, C&I, household and green waste across Greater Sydney (Belrose, Chipping Norton and Smeaton Grange), Bowral, Unanderra and Newcastle.
In Newcastle, Benedict Recycling operates a processing facility in Mayfield West, close to the centre of Newcastle.
Benedict Recycling does not operate a waste collection business.
