H.I.G. Infrastructure Invests and Sponsor Capital Reinvests in Finnish Circular Economy
Provider Fluo Group 

H.I.G. Infrastructure Invests and Sponsor Capital Reinvests in Finnish Circular Economy
Provider Fluo Group 

[HELSINKI – August 20, 2025] – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $70 billion of capital under management, is pleased to announce that one of its affiliates has acquired a controlling interest in Fluo Group Oy (“Fluo” or the “Company”), a leading regional waste management and recycling platform based in Finland.

As part of the transaction, key employees and Sponsor Capital will remain significant minority shareholders to support the Company’s long-term development.

Fluo plays a critical role in Finland’s circular economy, operating a fully integrated platform that spans waste collection, sorting, and treatment, as well as the downstream production of recycled plastics and lubricants. In partnership with Fluo’s management team, H.I.G. will support the Company’s next stage of growth, driving the expansion of Fluo’s service offering, reinforcing its strong regional presence, accelerating investments in sustainable waste infrastructure, and broadening Fluo’s geographic reach across Finland by extending its integrated circular model to a wider national footprint.

Petri Aaltonen, CEO of Fluo, commented:
“This investment marks a significant milestone in Fluo’s journey to develop circular economy solutions. We look forward to partnering with H.I.G. to deliver even greater value to municipalities, businesses, and the environment. H.I.G. is extremely experienced in driving growth within its portfolio companies through deep operational expertise, in providing strategic support, and in executing buy-and-build initiatives.”

Sponsor Capital, together with key employees, formed Fluo in 2020 through the combination of multiple local waste management providers. Matti Virolainen, Partner at Sponsor Capital, said:
“In recent years, Fluo has evolved into a genuinely higher value-added circular economy provider. We are especially proud of the Company’s ability to grow rapidly while delivering tangible environmental benefits and serving local communities. I would like to thank the Fluo team for their collaboration so far, and we look forward to the next phase of growth. I am confident that H.I.G.’s international expertise and resources will strongly support Fluo going forward.”

The partnership will have no impact on Fluo’s personnel or day-to-day operations, and services will continue as before.

About Fluo
Fluo is a Finnish circular economy leader providing integrated operations across the waste management and waste-to-product value chains. The Company provides waste collection, sorting, and treatment services, and converts recovered materials into high-quality recycled raw materials and finished products, including plastic granules, irrigation and infrastructure pipes, and recovered lubricants. Fluo serves over 3,000 businesses and 35,000 households through long-standing public-private partnerships across Ostrobothnia and Eastern Finland. For more information, visit fluo.fi.

About Sponsor Capital
Sponsor Capital is a Finnish private equity firm with nearly three decades of experience investing in and growing entrepreneurial companies. Focused on small and mid-sized businesses in Finland, Sponsor brings deep local market knowledge, hands-on support, and a strong track record of building long-term value in partnership with management teams. For more information, visit sponsor.fi.

About H.I.G. Capital
H.I.G. is a leading global alternative investment firm with $70 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates