April 1 (SeeNews) - Romanian recycling company Green Group said it is buying local industrial waste recycling company Eltex Recycling for an undisclosed sum.
The two companies will join forces in order to strengthen Eltex Recycling's position as a leader in providing industrial waste management solutions in Romania, Green Group said in a press release.
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"The acquisition of Eltex Recycling represents another step for Green Group towards the circular economy model. Now we start the cycle not from waste, but from services offered to industries. We will develop 'recycling as a service', integrating industrial waste into new products. It is our way to a 'zero waste' society," Green Group Chairman Constantin Damov said.
Eltex was founded in 2012 as a local subsidiary of Eltex Kft., a Hungarian waste management company established in 1989.
"We see in this transaction as an excellent opportunity for Eltex Recycling, as part of the Green Group, to radically increase its market share in the region and benefit from the synergy of the group's activities," Eltex Kft CEO Vass Zoltan said.
Green Group integrates the operations of six companies active in recycling: GreenTech, GreenFiber International, GreenWEEE International, GreenLamp Reciclare, GreenGlass Recycling and Total Waste Management.
Since 2016, the group has been owned by Abris Capital Partners, a private equity fund dedicated to investments in Central and Eastern Europe.
In September 2019, Green Group received a 66 million euro ($72.4 million) syndicated loan from four banks in order to refinance existing loans and finance new investments and development projects.
($=0.9115 euro)