The Australian Competition and Consumer Commission (ACCC) has announced it will not oppose the acquisition of *Benedict Recycling Pty Ltd* by *Igneo Infrastructure Partners*, following a significant restructuring of the transaction. Originally, the ACCC had raised concerns that the acquisition could substantially lessen competition in the supply of mixed building and demolition (B&D) waste processing services in the Newcastle area of *New South Wales*.
In September 2025, the ACCC expressed apprehension that the merger would reduce competition, noting that *Integrated Waste Services* (IWS), which is managed by Igneo, and Benedict Recycling are among the closest competitors for waste processing in the region. The ACCC’s Commissioner, Dr. Philip Williams, highlighted the limited alternatives available for customers needing to dispose of mixed B&D waste, stating, “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.”
To address these concerns, the merger parties restructured the terms of the acquisition. The revised agreement excludes the *Newcastle Recycling Centre* located in *Mayfield West*, along with its assets, staff, and equipment. This facility will remain under the ownership of the current operators of Benedict Recycling and will continue to function independently, servicing clients such as waste collectors.
Dr. Williams noted that the ACCC’s review of the restructured transaction led to a change in perspective. “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,” he stated.
The processing of B&D waste encompasses materials generated from various construction activities, including demolition and renovation of buildings, civil projects, and infrastructure development. This type of waste is classified as non-putrescible, meaning it primarily contains non-organic materials. Mixed B&D waste specifically includes materials that have not been separated, such as bricks, concrete, timber, glass, plastic, and metals.
Igneo is proposing to acquire 100 percent of the shares of Benedict Recycling. Before the acquisition occurs, the assets and operations of the Newcastle Recycling Centre will transition to a newly-formed company owned by the existing owners of Benedict Recycling.
*Igneo Infrastructure Partners* operates as an unlisted infrastructure asset management firm under *First Sentier Investors Group*, which manages over *$222 billion* in assets as of *June 30, 2024*. The First Sentier Investors Group is ultimately owned by *Mitsubishi UFJ Financial Group*. Igneo’s management includes IWS, which provides a range of waste management services across *Western Australia*, *South Australia*, and *New South Wales*. IWS also owns *Recycle Central*, which offers waste collection and processing services for both B&D and commercial and industrial (C&I) waste.
In the *Newcastle* region, Recycle Central operates under the brands “Central Skips” and “Rentaskip,” while Benedict Recycling provides waste disposal for B&D, C&I, household, and green waste across various locations, including Greater *Sydney*, *Bowral*, and *Unanderra*. The Newcastle facility remains a critical component of the waste processing landscape, with Benedict Recycling ensuring continued access for local waste disposal needs.
Further details regarding the transaction and its implications can be found in the ACCC’s public register.
