BINGO Industries has entered the Queensland market with the acquisition of recycling and waste management provider United Waste Services.
The acquisition gives BINGO a foothold in the booming South-East Queensland market, where about 80 per cent of Queensland’s growth is expected. The region is enjoying a resurgence in construction activity, an infrastructure pipeline of $50 billion and a likely further increase in activity in the lead-up to the 2032 Brisbane Olympics.
Assets acquired under the transaction include four recycling facilities across Brisbane, Ipswich and the Gold Coast for Building and Demolition (B&D) and Commercial and Industrial (C&I) waste; an operating landfill at Sheldon licensed to accept 100,000 tonnes per annum; a collections fleet of 37 vehicles including skip trucks prime movers and tippers; and more than 3500 skip and hook bins.
Chris Jeffrey, BINGO’s Chief Executive Officer, said BINGO’s expansion into Queensland was a key part of the company’s five-year plan, and that United was an ideal fit.
“We’ve been focused on further expansion across Australia’s eastern seaboard for some time,” Jeffrey said.
“We’ve been prepared to be patient in order to identify the right opportunity and I believe we have found that in United. They are a leading independent player in the building and demolition collections market in South-East Queensland, with well-located assets that align with our strategy.”
Jeffrey said BINGO identified United as its preferred acquisition target for a number of key reasons including a complementary customer base with blue-chip, tier one customers in the building and infrastructure sectors and an operating network that includes Tivoli, Sheldon, Stapylton and Burleigh.
United also has a capable management team with an owner and founder who will remain in the business.
“With BINGO’s support, United will be much better placed to compete against the larger market participants,” Jeffrey said.
He said BINGO was encouraged to enter Queensland by the Queensland Government’s strong support of recycling, including last year’s announcement of a new $2.1 billion waste package aimed at fast-tracking the state’s transition to a zero-waste society.
BINGO believes the initiatives unveiled by the government will go a long way to achieving its stated aim.
“BINGO currently operates in New South Wales and Victoria and over the past four years we have invested close to $1 billion in advanced recycling technology and assets in these two states. We have intended to invest and expand into Queensland as soon as the operating environment supported BINGO’s recycling-led business model,” Jeffrey said.
“We believe the Queensland Government’s commitment to steadily increasing the waste disposal levy in South-East Queensland will ultimately improve resource recovery rates, increase the diversion of waste from landfill and promote a genuine recycling industry in the state.
“BINGO was a strong supporter of the re-introduction of the Queensland waste disposal levy, and we remain a strong supporter of the government’s waste management and resource recovery strategy.”
For more information, visit: www.bingoindustries.com.au