The deal gives BINGO a foothold in the Southeast Queensland market
Maddocks has guided Australian recycling and waste management company BINGO Industries on its acquisition of Queensland-based United Waste Services.
According to BINGO, the acquisition gives the company a foothold in the thriving Southeast Queensland market, where about 80% of Queensland’s growth is expected to occur. BINGO CEO Chris Jeffrey confirmed that the transaction was a key part of the company’s five-year plan, and 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.”
Pursuant to the deal, BINGO will acquire all of United assets, including four recycling facilities across Brisbane, Ipswich, and the Gold Coast for building and demolition and commercial and industrial waste; an operating landfill at Sheldon licensed to accept 100,000 tonnes per annum; collections fleet of 37 vehicles including skip trucks, prime movers, and tippers; and more than 3,500 skip and hook bins.
Maddocks corporate partner Duncan Hall revealed that BINGO had already invested close to $1bn in advanced recycling technology and assets in NSW and Victoria, and the acquisition was particularly encouraged by strong support for recycling by the Queensland government.
Hall worked alongside senior associate Bernardo Wood in finalising the deal. They received further support from property senior associate Sam Troutman.
