ACCC Clears Igneo’s Revised Acquisition of Benedict Recycling After Transaction Restructure

Original information sourced from the Australian Competition and Consumer Commission (ACCC).

Bane Legal Services is not a law firm and does not provide legal advice. We are your trusted legal matchmaker, connecting businesses with the right commercial lawyer based on 30+ years of practical experience.

Igneo’s acquisition proceeds without opposition, maintaining two key competitors in Newcastle’s waste processing sector.

The ACCC has announced that it will not oppose Igneo Infrastructure Partners’ proposed acquisition of Benedict Recycling Pty Ltd, following a major restructuring of the deal designed to address earlier competition concerns.

The decision comes after the ACCC raised strong preliminary concerns in September 2025 that the acquisition could significantly lessen competition in the supply of mixed building and demolition (B&D) waste processing services in the Newcastle region.

Why the ACCC Originally Objected

Igneo manages the infrastructure fund behind Integrated Waste Services (IWS), which trades in NSW under the Recycle Central brand. Both IWS and Benedict Recycling operate key B&D waste processing facilities in Newcastle, and according to the ACCC, they are each other’s closest competitors.

With limited alternatives available, the ACCC warned that the original transaction risked:

• Higher prices for waste disposal

• Reduced service quality for mixed B&D waste customers

• Reduced choice for waste collectors and construction-related businesses

ACCC Commissioner Dr Philip Williams stated that without modification, the acquisition could have negatively impacted industry customers needing to dispose of mixed B&D waste across Newcastle.

The Transaction Restructure That Changed Everything

After the ACCC released its Statement of Issues, Igneo and Benedict Recycling reworked the proposal. Crucially, the revised structure excludes Benedict Recycling’s Newcastle Recycling Centre in Mayfield West from the acquisition.

This means:

• The Newcastle Recycling Centre (including its equipment, staff and assets)

• Will be retained and operated independently by the current owners of Benedict Recycling

• Ensuring ongoing competition in the local B&D waste processing market

Following these changes, the ACCC stated that the acquisition is now unlikely to substantially lessen competition.

Understanding the Businesses Involved

Igneo Infrastructure Partners

• Part of First Sentier Investors Group managing over $222 billion in funds (as at 30 June 2024)

• Owns IWS, which delivers waste management and resource recovery services across WA, SA and NSW

• Operates Recycle Central, including facilities in Kurri Kurri and Cardiff

• Provides waste collection under brands Central Skips and Rentaskip

Benedict Recycling

• Provides B&D, commercial and industrial, household and green waste processing

• Operates across Greater Sydney, Bowral, Unanderra and Newcastle

• In Newcastle, operates the Mayfield West processing facility

• Does not operate a waste collection business

With the Newcastle centre now remaining independent, the region retains two significant competitors, an outcome the ACCC considers essential for maintaining fair pricing and service standards.

What This Means for Businesses in NSW

For builders, waste collectors, developers and commercial operators in the Newcastle region, the revised deal helps preserve:

• Competitive disposal pricing

• Service quality

• Choice between major waste processing centres

As the waste management industry continues to consolidate, regulatory scrutiny like this plays a key role in ensuring that essential service markets remain competitive.

If your business is considering a merger, acquisition, or commercial transaction, the regulatory landscape particularly where competition law is involved can become complex. Bane Legal Services can connect you with the right commercial lawyer to help you navigate ACCC considerations, due diligence and transaction compliance confidently.