We liked the look of RenoNorden’s niche business strategy and acquired the company in 2008. We particularly liked the company’s approach to collecting waste – it prioritised both cost and operational efficiency. When we got to know the company, we saw it had a solid, scalable business model offering the potential for significant acquisitive growth. In partnership with us, the company embarked on a series of Swedish and Danish acquisitions, which gave the company a leading market position in the Nordics. We exited the business in 2011.