IMM Private Equity and IMM Investment Consortium announced Friday the completion of their acquisition of Ecobit, South Korea’s largest waste management company, as part of their strategy to lead the sustainable waste management industry.

The 2.07 trillion won ($1.4 billion) deal was finalized in August through a share purchase agreement with TY Holdings, the holding company of Taeyoung Group, and global investment firm Kohlberg Kravis Roberts, securing for IMM Consortium full ownership of Ecobit, the company said.

Known for its comprehensive approach to waste management, Ecobit operates across key sectors such as recycling, waste-to-energy, water treatment and landfill management.

IMM Consortium reported 699.6 billion won ($488 million) in revenue and 225 billion won ($157 million) in EBITDA last year, attributing the figures to stable demand and a comprehensive business model resilient to regulatory and macroeconomic changes.

Following the acquisition, the consortium plans to enhance Ecobit’s core operations with additional investments in infrastructure and to pursue strategic expansions into recycling through a bolt-on approach, acquiring smaller companies to boost its capabilities.

“As ESG standards continue to gain global significance, our goal is to transform Ecobit into a forward-looking environmental leader through digitalization and green technology,” an IMM Consortium official said. “We hope to contribute to the long-term growth of South Korea’s environmental industry and create sustainable value.”