Crowe advises Thorntons Recycling on acquisition of The City Bin Co.
Crowe was pleased to advise Thorntons Recycling, a leading recycling and waste management company, on their acquisition of The City Bin Co. in July 2022
Updated as of 15 08 2023: Following a review process by the Competition and Consumer Protection Commission (CCPC), Thorntons Recycling successfully obtained clearance in June 2023 and has now concluded the acquisition.
Crowe provided a full range of strategic, negotiation and financial supports as well as tax and financial due diligence to Thorntons on this transaction.
Speaking at the announcement, Crowe partner Gerry O’Reilly said “We are delighted to see our long-standing client Thorntons realise its strategy of becoming the largest privately-owned company in the sector and the second largest waste processor in Ireland. This achievement has been built on the vision and hard work of a dedicated team of professionals, coupled with all the strengths of culture and focus of a dedicated family-owned business. Crowe is committed to supporting progressive family companies like Thorntons.
Owned by brothers Paul and Shane Thornton, Thorntons Recycling is an Irish business employing more than 550 staff and handles over 700,000 tonnes of material across 11 depots. The company provides a full range of recycling and waste management services to over 80,000 household and commercial customers.
Speaking at the announcement, Gary Brady, Thorntons Recycling CEO, outlined that Thorntons intends to retain The City Bin Co. brand post-acquisition.
“We are delighted to acquire The City Bin Co. which has an excellent reputation in the waste management sector and is a well-known brand with a loyal customer base in Dublin and Galway City. With this investment Thorntons Recycling is making a strong commitment to delivering for Ireland’s circular economy and helping the country achieve its climate action targets. Our two businesses are highly complementary in terms of culture and outlook, and together we will continue to deliver a premium service to our customers and excellent career opportunities to our employees.”
The City Bin Co. was co-founded by Gene Browne in 1997 to bring a customer-centric approach to the waste management industry. The company is headquartered in Galway and operates in both Galway City and Dublin with 180 staff employed.
Gene Browne, co-founder of The City Bin Co., said: “We’ve come a long way from one truck and two customers back in 1997. This is the next chapter for The City Bin Co. Our brand, customer service philosophy and service ethos will remain the same. Regarding that ethos, of all the companies we have competed with over the years, I believe Thorntons are most aligned to The City Bin Co.”
A continuous re-investment programme in modern recovery facilities, processes, fleet, staff and equipment has positioned Thorntons at the forefront of Ireland’s green economy drive, with a market-leading 90% of the waste processed by Thorntons being recycled and recovered. This acquisition will place the enlarged group at the forefront of helping Irish businesses and households meet the challenges of the circular economy and lower their carbon footprint.
Crowe’s dedicated corporate finance team has a wealth of experience advising clients in M&A transactions. If you are considering the sale or purchase of a business, we can help you maximise your investment.
