Ballast Phoenix is the UK’s market leading Incinerator Bottom Ash recycling group. The company processes and recycles the ashes produced by Energy from Waste (“EfW”) plants and creates sustainable IBA aggregates, thus avoiding any requirement for the use of landfill. H2 acquired Ballast Phoenix from Ballast Nedam. During H2 Equity Partners’ period of ownership, Ballast Phoenix secured a significant number of new long-term contracts and is expanding the number of recycling and IBA processing plants from 7 to 12. The company embarked on a large capital expenditure program and secured its position as the market- and sustainable technology leader in the UK market. The cooperation of the management team and H2 has delivered this growth well ahead of schedule and established Ballast Phoenix as a truly stand-alone company with a clear visibility on the future growth prospects and the cash flows of the business. Ballast Phoenix was acquired by Waterland Private Equity.