Acquirer(s)
- Igneo Infrastructure Partners
Target(s)
- Benedict Recycling Pty Ltd
Summary
IWS Group Asset Co Pty Ltd as trustee of the IWS Group Asset Trust (IWS), an entity managed by Igneo Infrastructure Partners (Igneo) proposes to acquire 100% of the shares of Benedict Recycling Pty Ltd (Benedict Recycling).
IWS (through its subsidiaries) and Benedict Recycling both own and operate waste management facilities in NSW.
Igneo
Igneo is an infrastructure asset management business of the First Sentier Investors Group. Igneo provides waste management services in Australia through IWS, Eco Resources Group and Recycle Central Group (Recycle Central).
IWS (and its subsidiaries) provide a range of waste management services including resource recovery, commercial composting, and disposal. IWS operates in Western Australia (through Eco Resources Group), South Australia and NSW (through Recycle Central).
Recycle Central is a subsidiary of IWS and is responsible for all of IWS’s operations in Newcastle. Recycle Central’s services include waste collections, processing and recovery of building and demolition (B&D), and commercial and industrial (C&I) waste. Recycle Central operates two waste management facilities in Newcastle:
- a waste management station at Kurri Kurri, and
- a waste transfer station at Cardiff.
Benedict Recycling
Benedict Recycling provides landfill, processing and recovery services for B&D, C&I, household and green waste across NSW.
Benedict Recycling operates and/or has an ownership interest in waste management, greenfield and landfill sites in Bowral, Chipping Norton, Newcastle, Unanderra, Smeaton Grange and Belrose. The Bowral landfill site is not included in the proposed acquisition.
In Newcastle, Benedict Recycling operates the Newcastle Waste Management Recycling Centre.
Benedict Recycling also has interests in other, currently non-operational sites in NSW, including a waste management and recycling centre in Girraween and a greenfield waste recycling and transfer centre in Penrith.
Market inquiries
Submissions are invited from interested parties in relation to Igneo’s proposed acquisition of Benedict Recycling by 5pm on 25 September 2025.
Submissions should be forwarded electronically (preferably in PDF format) to mergers@accc.gov.au with the title: "Submission re: Igneo / Benedict Recycling".
For more details, please refer to the Statement of Issues published below.
Following 25 September 2025, queries regarding the ACCC’s review may also be addressed to mergers@accc.gov.au.
Market inquiries
| Document title | Date | |
|---|---|---|
| Igneo Benedict Recycling - Market Inquiry Letter - 13 May 2025 |
Statement of issues
| Document title | Date | |
|---|---|---|
| Igneo Benedict - Statement of Issues - 11 September 2025 |
Timeline
| Date | Event |
|---|---|
ACCC commenced informal review under the Informal Merger Review Process Guidelines. |
|
Closing date for submissions. |
|
ACCC is awaiting information from the parties. Former provisional date for announcement of findings 28 August 2025 is delayed. |
|
ACCC received further information from the merger parties. Timeline recommenced. |
|
ACCC published a Statement of Issues outlining preliminary competition concerns. |
|
Closing date for submissions relating to Statement of Issues. |
|
ACCC is awaiting information from the parties. Former date for announcement of ACCC's decision 20 November 2025 is delayed. |