đŸ‡«đŸ‡ź H.I.G. Infrastructure invests in Finnish circular economy provider Fluo Group

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LONDON – August 20, 2025 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $70 billion of capital under management, is pleased to announce that one of its affiliates has acquired a controlling interest in Fluo Group Oy (“Fluo” or the “Company”), a leading regional waste management and recycling platform based in Finland.

Fluo plays a critical role in Finland’s circular economy, operating a fully integrated platform that spans waste collection, sorting, and treatment, as well as the downstream production of recycled plastics and lubricants. In partnership with Fluo’s management team, H.I.G. will support the Company’s next stage of growth, driving the expansion of Fluo’s service offering, reinforcing its strong regional presence, accelerating investments in sustainable waste infrastructure, and broadening Fluo’s geographic reach across Finland by extending its integrated circular model to a wider national footprint.

Petri Aaltonen, CEO of Fluo, commented: “This investment marks a significant milestone in Fluo’s journey to develop circular economy solutions. We look forward to partnering with H.I.G. to deliver even greater value to municipalities, businesses, and the environment. H.I.G. is extremely experienced in driving growth within its portfolio companies through deep operational expertise, in providing strategic support, and in executing buy-and-build initiatives.”

Andrew Liau, Head of Europe Infrastructure at H.I.G., said: “The waste management industry across Finland and the broader Nordic region is undergoing significant transformation driven by the move to a circular economy. We see significant potential to grow the business in new waste streams and to consolidate the market both locally and internationally through add-on acquisitions.”

About Fluo

Fluo is a Finnish circular economy leader providing integrated operations across the waste management and waste-to-product value chains. The Company provides waste collection, sorting, and treatment services, and converts recovered materials into high-quality recycled raw materials and finished products, including plastic granules, irrigation and infrastructure pipes, and recovered lubricants. Fluo serves over 3,000 businesses and 35,000 households through long-standing public-private partnerships across Ostrobothnia and Eastern Finland. For more information, visit fluo.fi.

    About H.I.G. Capital

    H.I.G. Capital is a leading global alternative investment firm with $70 billion* of capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, BogotĂĄ, Rio de Janeiro, SĂŁo Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

    • H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
    • H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
    • H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
    • H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

    Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

    *Based on total capital raised by H.I.G. Capital and its affiliates.

    Originally published on 20 August by H.I.G..

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