Macquarie Asset Management is exploring the sale of Win Waste Innovations, a waste-to-energy company formerly known as Wheelabrator. The company, which operates incinerator power facilities and has expanded into waste collection, landfills, and recycling, generated over $300 million in EBITDA last year.

Win Waste has outstanding debt around $1.6 billion, with a potential valuation nearing 10x EBITDA. The company's integrated operations, including landfills, recycling, and waste-to-energy incinerators, are expected to attract significant interest from global infrastructure funds and strategic buyers like Veolia or FCC Group.

While an IPO was considered previously, Macquarie is now focused on a sale as an exit strategy. Win Waste, headquartered in Portsmouth, New Hampshire, operates 12 WTE facilities primarily across the Northeast US. Macquarie acquired the company from ECP in 2019.