The Australian Competition and Consumer Commission has flagged preliminary concerns that Igneo Infrastructure Partners’ proposed purchase of Benedict Recycling could substantially reduce competition in mixed building and demolition (B&D) waste processing in the Newcastle region.
In a Statement of Issues published on Wednesday, the ACCC said Igneo — which manages an infrastructure fund that owns Integrated Waste Services (IWS), trading as Recycle Central in Newcastle — proposes to acquire 100 per cent of the shares in Benedict Recycling. Both IWS and Benedict provide mixed B&D waste processing services in the Newcastle area.
The ACCC’s preliminary view is that the deal “is likely to substantially lessen competition in the supply of mixed B&D processing services in the Newcastle region”, the regulator said.
“We are concerned the proposed acquisition would lead to higher prices or reduced service quality for mixed B&D waste processing in the Newcastle region,” ACCC Commissioner Dr Philip Williams said.
“IWS and Benedict Recycling are the largest waste processors in the region for mixed B&D waste, and there are limited alternative waste processors for customers to choose from,” Dr Williams said. “IWS and Benedict Recycling are also each other’s closest competitors.”
The ACCC is also examining whether landfills would be a realistic alternative for businesses and waste collectors that currently use processors. “Our preliminary view is that landfills are not an effective substitute for mixed B&D processing,” Dr Williams said, noting waste collectors reportedly prefer processors because landfill disposal can be more expensive and because customers and builders increasingly want materials diverted from landfill for environmental reasons.
Regulators are additionally probing whether IWS, which operates a B&D collections business in Newcastle under brands including Central Skips and Rent a skip, would have the ability and incentive to disadvantage rival collection companies if it also owned Benedict’s processing capacity. One concern is that IWS could raise the price it charges competing collectors for processing mixed B&D waste, making rivals less competitive.
Background material accompanying the Statement of Issues notes IWS operates two facilities in Greater Newcastle: a large‑scale processing plant at Kurri Kurri, about 38 km from the Newcastle CBD, and a transfer station in Cardiff. Benedict operates a processing facility at Mayfield West, close to the centre of Newcastle. Benedict does not operate a collections business.
Igneo is an unlisted infrastructure asset management business of the First Sentier Investors Group, which had more than A$222 billion in funds under management as at 30 June 2024. First Sentier is ultimately owned by Mitsubishi UFJ Financial Group.
The ACCC has invited submissions from interested parties in response to the Statement of Issues by 25 September 2025. Further information and the full document are available on the ACCC’s public registers at: https://www.accc.gov.au/public-registers/mergers-and-acquisitions-registers/public-informal-merger-reviews-register/igneo-infrastructure-partners-benedict-recycling-pty-ltd.
