NEW YORK, July 10 — Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced it has entered into exclusivity and committed to complete the acquisition of a majority stake in Nicollin Environnement (Nicollin or the Company), a family-owned French environmental platform focused on waste collection and sorting, urban street cleaning and water-related solutions. The Nicollin family will remain invested alongside MSIP and will continue to support the Company’s next phase of growth.
Founded in 1945 and led by the Nicollin family for more than three generations, the Company is one of France’s leading independent environmental platforms. Nicollin provides these essential environmental solutions to municipalities and businesses across France, operating through a national network of local centers. Nicollin manages approximately 360 public contracts and 8,000 private clients, supported by approximately 4,800 employees, a fleet of 2,900 vehicles, and a portfolio of strategically located, mission critical real property, including depots, transfer stations and sorting facilities.
“After more than 80 years of family ownership, we are proud to begin this next chapter with Morgan Stanley Infrastructure Partners, a partner that shares our vision for the future of Nicollin. Together, we will continue investing in growth, innovation and the environmental transition while preserving the values and culture that have shaped our company for three generations. By retaining an ownership stake, our family remains committed to supporting Nicollin and its teams for the long term,” said Olivier Nicollin and Laurent Nicollin.
MSIP will support Nicollin’s continued development, working alongside the Nicollin family and management team to advance operational excellence, renew and decarbonize the fleet, and strengthen its offerings to municipalities and corporate customers.
“We are thrilled at the prospect to partner with the Nicollin Family and management team through this strategic investment, which will support the next phase of the Company’s growth,” said Alfonso Gómez-Acebo, Managing Director at Morgan Stanley Infrastructure Partners. “Nicollin provides essential environmental solutions across France, supported by long-standing local relationships and a strong reputation for execution quality. We look forward to supporting the Company as it continues to invest in its people, fleet and infrastructure.”
“Nicollin is a strong fit with MSIP’s European infrastructure strategy, combining essential municipal solutions, resilient contractual revenues and clear opportunities to support the circular economy,” said Alberto Donzelli, Co-Head of Europe for Morgan Stanley Infrastructure Partners.
The transaction is expected to close in the fourth quarter of 2026 upon completion of the mandatory information and consultation procedures with employee representative bodies and customary regulatory approvals.
Paul Hastings served as legal counsel to MSIP, with Natixis Partners serving as financial advisor. Clifford Chance served as legal counsel to the Nicollin family, with Rothschild & Co serving as financial advisor.