(Bloomberg) -- EQT AB, the Swedish private equity firm, is exploring the sale of waste management company Synagro Technologies after fielding inbound interest, according to people with knowledge of the matter.

The Baltimore, Maryland-based company could fetch $500 million or more in a potential sale, said one of the people, who requested anonymity because the talks are private. A deal isn’t guaranteed and it’s possible EQT could retain ownership of the company, the person said.

A representative for EQT declined to comment, while a representative for Synagro didn’t immediately respond to a request for comment.

Synagro serves municipalities including Phoenix, Arizona, Miami-Dade County, Florida and Austin, Texas, according to its website. The company, led by Chief Executive Officer Robert Preston, describes itself as the largest recycler of organic byproducts in North America.

A fund managed by EQT’s infrastructure arm bought Synagro in 2013 as part of a restructuring plan. Carlyle Group LP had owned the company before it filed for bankruptcy protection earlier that year.

The waste-management sector has fared reasonably well during the pandemic, partly due to the relatively stable nature of its revenue. Waste Management Inc.’s shares have fallen 8% this year while Waste Connections Inc. has gained 2%. That compares with a 3.6% decline in the benchmark S&P 500 Index.

Separately, Suez SA is making preparations for a sale of its continental Europe waste management businesses, which could fetch as much as 3 billion euros ($3.4 billion), Bloomberg reported this week. In March, KKR & Co. agreed to buy Pennon Group Plc’s waste-management arm for 4.2 billion pounds ($5.2 billion.)

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