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NEW YORK – July 10, 2026
Morgan Stanley Investment Management (MSIM), through investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), its private infrastructure investment platform, today announced it has entered into exclusivity and committed to complete the acquisition of a majority stake in Nicollin Environnement (Nicollin or the Company), a family-owned French environmental platform focused on waste collection and sorting, urban street cleaning and water-related solutions. The Nicollin family will remain invested alongside MSIP and will continue to support the Company’s next phase of growth.
Founded in 1945 and led by the Nicollin family for more than three generations, the Company is one of France’s leading independent environmental platforms. Nicollin provides these essential environmental solutions to municipalities and businesses across France, operating through a national network of local centers. Nicollin manages approximately 360 public contracts and 8,000 private clients, supported by approximately 4,800 employees, a fleet of 2,900 vehicles, and a portfolio of strategically located, mission critical real property, including depots, transfer stations and sorting facilities.
“After more than 80 years of family ownership, we are proud to begin this next chapter with Morgan Stanley Infrastructure Partners, a partner that shares our vision for the future of Nicollin. Together, we will continue investing in growth, innovation and the environmental transition while preserving the values and culture that have shaped our company for three generations. By retaining an ownership stake, our family remains committed to supporting Nicollin and its teams for the long term,” said Olivier Nicollin and Laurent Nicollin.
MSIP will support Nicollin’s continued development, working alongside the Nicollin family and management team to advance operational excellence, renew and decarbonize the fleet, and strengthen its offerings to municipalities and corporate customers.
“We are thrilled at the prospect to partner with the Nicollin Family and management team through this strategic investment, which will support the next phase of the Company’s growth,” said Alfonso Gómez-Acebo, Managing Director at Morgan Stanley Infrastructure Partners. “Nicollin provides essential environmental solutions across France, supported by long-standing local relationships and a strong reputation for execution quality. We look forward to supporting the Company as it continues to invest in its people, fleet and infrastructure.”
“Nicollin is a strong fit with MSIP’s European infrastructure strategy, combining essential municipal solutions, resilient contractual revenues and clear opportunities to support the circular economy,” said Alberto Donzelli, Co-Head of Europe for Morgan Stanley Infrastructure Partners.
The transaction is expected to close in the fourth quarter of 2026 upon completion of the mandatory information and consultation procedures with employee representative bodies and customary regulatory approvals.
Paul Hastings served as legal counsel to MSIP, with Natixis Partners serving as financial advisor. Clifford Chance served as legal counsel to the Nicollin family, with Rothschild & Co serving as financial advisor.
About Nicollin Environment
Founded in 1945, Nicollin Environnement is today the leading independent, family-owned French group in the environmental services sector.
For more than 80 years, the Group has grown around the values at the heart of its identity: people, close ties with the local communities it serves, and pride in a job well done.
Present across France, Nicollin Environnement supports municipalities and businesses in waste management, urban cleaning, and water and sanitation services.
With more than 4,800 employees, the Group is organized around two complementary divisions: the Environment division (waste management and urban cleaning) and the Water division (water management and sanitation).
For further information about Nicollin Environnement, please visit www.groupenicollin.com.
About Morgan Stanley Infrastructure Partners
Morgan Stanley Infrastructure Partners (MSIP) is a leading global private infrastructure investment platform with approximately $17 billion in capital commitments since inception. Founded in 2006, MSIP has invested in a diverse portfolio across transportation, digital, energy transition, and water and waste. MSIP targets assets that provide essential public goods and services with the potential for value creation through active ownership. For further information about Morgan Stanley Infrastructure Partners, please visit Morgan Stanley Infrastructure Partners.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.9 trillion in assets under management or supervision as of March 31, 2026. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
