Recently public listed firm Bingo Industries is expanding into the Victorian market, acquiring three Melbourne businesses.
News Corp reported the $38 million acquisition includes Konstruct Recycling, Resource Recovery Victoria and AAZ Recycling.
The company has secured a fleet of 40 vehicles and two recycling facilities. In addition, Bingo says it will create an additional 100 jobs.
CEO Daniel Tartak said the Victorian end market was attractive, with “strong” growth fundamentals.
“Government legislation is supportive of our business model that diverts waste from landfill for recycling. With the scalability of our platform, operating systems and back office we are well positioned to grow into Victoria,” he said.
In a statement, Bingo said that Victoria is the second largest waste generating state in commercial and industrial (C&I), and building and demolition (B&D) waste after NSW.
“With the accomplishments and developments of Bingo Industries across the C&I and B&D industries across New South Wales, this comes as no hurdle for the company. Reaffirming FY18 forecasts, the Victorian expansion is a giant leap in Bingo’s national plans and another milestone for the group,” the company wrote.
Bingo has quickly expanded from its humble beginnings as a four-truck skip company. The Tartak family bought the company in 2005 for $1 million, and it now has a market cap of $688 million, with 10 recycling centres in NSW.