The ACCC will not oppose Igneo Infrastructure Partners’ proposed acquisition of Benedict Recycling Pty Ltd, following a change to the transaction addressing the ACCC’s preliminary competition concerns.

Igneo manages the infrastructure fund which owns Integrated Waste Services (IWS) and operates under the Recycle Central brand in New South Wales. IWS and Benedict Recycling overlap in the supply of building and demolition (B&D) waste processing services in New South Wales’s Newcastle region.

In September 2025, the ACCC expressed strong preliminary competition concerns that the proposed acquisition was likely to substantially lessen competition in the supply of mixed B&D waste processing services in the Newcastle region.

“IWS and Benedict Recycling are each other’s closest competitors in the area, and there are limited alternatives to IWS and Benedict Recycling for customers to choose from,” ACCC Commissioner Dr Philip Williams said.

“We were concerned that in its original form, the proposed acquisition would have led to higher prices or reduced service quality for those seeking to dispose of mixed B&D waste in the Newcastle region.”

After the ACCC’s preliminary concerns were outlined in its Statement of Issues, and following further engagement with the ACCC, the merger parties restructured the transaction to exclude Benedict Recycling’s Newcastle Recycling Centre in Mayfield West, including its assets, staff and equipment, from the transaction.

Under the revised transaction, the Newcastle Recycling Centre will be retained by the existing owners of Benedict Recycling, and it will continue to operate as an independent facility for customers such as waste collectors.

“Having reviewed this restructured transaction, we are of the view that the proposed acquisition is now unlikely to result in a substantial lessening of competition,” Dr Williams said.

More information is available on the ACCC’s public register at Igneo Infrastructure Partners - Benedict Recycling Pty Ltd.