Irish waste collection business The City Bin Co. has secured investment from Middle East-based averda.
The City Bin Co. is set to create 35 new jobs on the back of a €15 million (£12 million) equity investment from averda.
For averda, which specialises in waste and resource management, the deal represents its first Eurpean endeavour.
The City Bin Co. will now embark on a roll out across Europe whilst keeping its headquarters in Ireland.
Gene Browne, CEO of The City Bin Co., comments, ‘[The business] has ambitious growth plans for the future and prides itself on its customer centric business model.
‘The averda deal is a welcome signal of international confidence in our model and an excellent opportunity to drive international best practice in the European waste sector.’
The company’s new hiring will begin immediately, it says, with new positions being opened up in delivery staff, IT roles and customer service.
As part of the transaction, averda will take a majority shareholding in The City Bin Co. as well as other operational investments.
The funding round has been welcomed by Phil Hogan, minister for the environment, community and local government, who says that part of the government’s new waste policy launched in July 2011 was to ensure that the industry could make investment decisions with ‘policy certainty’.
He adds that it is ‘very encouraging’ to see a home grown company attract international investment to Ireland.
Malek Sukkar, CEO of averda, believes that the Irish waste collection company has an ‘excellent reputation’ across the global industry.