COFIDES, as fund manager for FIEX, has taken a 33% stake in the U.S. subsidiary of the environmental services group TRADEBE for 7.2 million euros. Thus, COFIDES supports the TRADEBE’s international project and strategy in the US market.

TRADEBE owns three companies in the US: Recovery & Recycling Solutions (RRSS, 2002), Petrochemical Services (PSI, 2008) and Pollution Control Industries (PCI, 2008). The group of companies operates under the umbrella of the Spanish holding company TRADEBE ENVIRONMENTAL SERVICES.

When the deal is completed, TRADEBE will own 54% of TRADEBE ENVIRONMENTAL SERVICES and 13% will remain with the former owners and board of directors of PCI.

The acquisition of PCI and PSI will significantly strengthen and enhance TRADEBE’s growth and deployment strategy in the US, where TRADEBE currently has a turnover of over 80 million dollars and 400 employees.

> PCI (Pollution Control Industries): PCI turns waste into recycled products and it specializes in hazardous waste management with two Treatment, Storage & Disposal (TSD) facilities in Chicago & Memphis and operates all along the US. PCI has 370 employees and an annual turnover of 65 million dollars.

> PSI (Petrochemical Services Inc.): provides waste processing, tank cleaning and gas-freeing services to the refining, chemical, pulp and paper industries. It currently has operations in Texas, Louisiana, California and Hawai. PSI has 50 employees and an annual turnover of 8 million dollars.

> RRS (Recovery Recycling Solutions): RRS offers cleaning services for crude oil tanks and treatment of refinery sludge for clients such as the ConocoPhilips refinery (New Jersey) and other refineries in Louisiana and Texas. RRS has 16 employees and an annual turnover of 7 million dollars.

In 2008, TRADEBE’s turnover grew by 45% and its sales amounted to over 200 million euros, which means that more than 2 million tones of waste were treated last year. TRADEBE currently has more than 1.000 employees.

Since 1978, TRADEBE has been providing environmental services with specialized expertise in management, treatment and recycling of industrial and residential waste, waste water and environmental consultancy. TRADEBE has became a Spanish leading company in the environmental sector and operates worldwide, especially in the US, UK and France.

TRADEBE is the third project supported by COFIDES in the US. In 2006, the Spanish Commercial Government allowed FIEX and FONPYME to support projects in a wider geographical area. Developed countries, particularly the US, Japan or South Korea, were considered to be relevant to Spanish commercial interests.