Dublin-based firm The City Bin Co has received €15 million investment (£11.99 million) from Middle Eastern recycling and waste management company averda.
The partnership is averda’s first entry into Europe and will result in the roll out of a major European expansion in the next few years with Ireland’s as the company’s European headquarters.
averda is the largest private environmental solutions provider in the Middle East and North Africa working in countries such as Saudi Arabia, Lebanon, Morroco, Oman, Qatar and the UAE.
The City Bin Co chief executive Gene Browne said: “We are delighted to announce our partnership with averda and the creation of 35 jobs – representing a 50 per cent increase in our workforce. The City Bin Co 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.”
averda chief executive Malek Sukkar added: “averda is thrilled to welcome The Bin City Co into the group. The City Bin Co has an excellent reputation across the global industry and the team there has consistently demonstrated their abilities. We look forward to rolling their business model out in Ireland and elsewhere.”