Atlantico Capital advised TRS Recycling in its waste business in Mexico

Atlantico Capital advised the major shareholders of TRS Recycling in the equity and debt raising amounting to MxP 484 MM for the development of its waste business in Mexico

TRS Recycling, S.A. de C.V. (“TRS”), a leading company in the waste treatment and waste management business in Mexico, closed an equity and debt raising transaction amounting to MxP 484 MM with Fondo de Capital de Infrastructura (“FCI”), the CKD managed by Grupo Financiero Interacciones (the “Transaction”).

The Transaction allows TRS to refinance existing debt in an amount of MxP 120 MM and finance capex requirements for the existing and future waste concession projects.
The Transaction included three different tranches, including (i) MxP 110 MM equity in exchange of a minority stake of TRS for FCI; (ii) MxP 240 MM long term Convertible Debt for existing and future waste projects to be developed by TRS; and (iii) a MxP 134 MM senior secured bridge loan to partially cover the financing needs for the construction of one plant.

Diego Garcia Coudurier, TRS’s President of the Board, commented:

“The Transaction has been structured to consider the current situation of the business, its growth prospects and the potential financing needs for future developments. In this regard, Atlantico Capital’s advisory has been key to structure the transaction and preparing the company for the process, bringing the adequate mix of sources of financing and the best partner to continue growing our business”.

About TRS

TRS is a Mexican leader in the waste treatment and waste management business. The Company currently operates the Cancun waste treatment plant and is currently developing the Queretaro waste treatment plant. The Company is also analyzing other projects in the waste market in Mexico to be developed in the coming years.

About FCI

FCI is a CKD (“Certificados de Capital de Desarrollo”) with an investment thesis focused on social infrastructure, water, transport and energy projects in Mexico. The CKD is managed by Grupo Financiero Interacciones, the largest financial group in Mexico focused on financing, risk management and financial advisory to the public sector in Mexico,.

About Atlantico Capital

Atlantico Capital ( is an investment banking boutique that provides M&A, corporate finance and structured finance advisory services with a focus in Central America, Mexico, Dominican Republic, and the Andean Region as well as cross border transactions involving the US and Spain with the target regions. Atlantico Capital’s headquarters are located in Miami, with another office in Panama, providing a wide array of financial advisory services, including M&A, debt structuring and project finance.

Nathaniel Felton

Nathaniel Felton is a Vice President at Atlantico Capital. He has 10+ years of experience in the financial markets both in investment and private banking.

Prior to joining Atlantico Capital in 2015, he worked as an investment-banking associate at INTL FCStone securities Inc. (“INTL”), based in Miami as part of the project finance unit. Prior to INTL, he was an associate at Morgan Stanley Private Global Wealth Management based in New York, and was a credit analyst at Dexia Asset Management based in Paris, France.

Nathaniel holds a BA in Business Administration from the American University of Paris and, holds a Masters of Science in Finance from the Zicklin School of Business at Baruch College. He is fluent in English, Spanish, and French.

Marcos Martinez

Marcos Martinez is a Vice President at Atlantico Capital. He has +8 years of experience in investment banking export finance, structured finance, M&A and international trade.

Before joining Atlantico Capital in 2015, he worked as a Financial Analyst at the Structured Trade and Export Finance Department of Santander Bank.

Marcos is a CFA® Charterholder. He holds a Masters degree in International Business Administration from Menendez Pelayo International University and a Masters Degree in Business Strategy from Francisco de Vitoria University. He also holds a Bachelor of Science in Business Administration from Francisco de Vitoria University. He is fluent in English and Spanish.