Intermoney | The company (Buy, PO €16) has acquired the waste treatment company Gel Recycling, located in Florida. The Spanish group has not provided figures for the transaction on a company with a turnover of just under €20 million, according to Expansión newspaper. Gel Recycling’s facilities are located in Orange City, Daytona Beach, DeLand and Jacksonville. The company has multiple contracts in Florida that, according to FCC, “represent numerous opportunities for potential synergies through the large number of collection services that FCC Environmental Services already provides in the state”.
Assessment: The US has been a clear growth market for FCC for years, and this is another transaction in that regard. It currently serves more than 11 million citizens in the states of Florida, California, Texas, Iowa, Nebraska, Minnesota and North Carolina. Earlier this year, FCC won two of Florida’s largest waste collection and treatment contracts. In terms of size, however, the US remains relatively small compared to other countries such as Spain or the UK; the Environment division’s turnover in 2023 was around €3.8bn (+6%), of which North America accounted for around 10%, compared to more than 50% for Spain. Of course, in the coming months, investors will be more focused on the spin-off of the cement and real estate activities, which the Group expects to complete before the end of this year.
