BINGO Industries (“BINGO”) today announced it has entered the Queensland market through the acquisition of United Waste Services (“United”), a fully integrated recycling and waste management provider.
The acquisition gives BINGO a foothold in the booming South East Queensland market, where around 80% of Queensland’s growth is expected. The region is currently 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;
Collections fleet of 37 vehicles including skip trucks, prime movers and tippers; and
Over 3,500 skip and hook bins
BINGO’s Chief Executive Officer, Chris Jeffrey, 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,” Mr 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 & demolition collections market in South East Queensland, with well-located assets that align with our strategy.”
BINGO identified United as its preferred acquisition target for a number of key reasons:
- United has a complementary customer base with blue-chip, tier one customers in the building and infrastructure sectors.
- United has a capable management team with an owner and founder who will remain in the business.
- United has post-collections assets consisting of four facilities in key locations in South East Queensland. United’s operating network includes Tivoli, Sheldon, Stapylton and Burleigh.
- The acquisition accelerates BINGO’s expansion into the QLD market, in line with the company’s strategy, consolidating BINGO’s position along the east coast of Australia as a leading vertically integrated recycling and waste management business.
“With BINGO’s support, United will be much better placed to compete against the larger market participants,” Mr Jeffrey said.
BINGO encouraged by Queensland Government support for recycling
Mr Jeffrey 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.
As one of Australia’s largest recycling companies, BINGO believes the initiatives unveiled by the Government will go a long way to achieving the Government’s stated aim.
“BINGO currently operates in NSW 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.
“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,” Mr Jeffrey said.
About BINGO Industries
BINGO is one of Australia’s leading recycling and waste management companies with operations in the building & demolition and commercial & industrial sectors. Previously listed on the ASX, BINGO was acquired in August 2021 by Macquarie Asset Management (MAM), part of the Macquarie Group.
BINGO’s vision is a waste-free Australia. The company is focused on transforming the recycling and waste industry, particularly in innovating to increase recycling rates and the diversion of valuable waste materials from landfill.
BINGO offers sustainable recycling and waste management solutions for construction and industrial customers, with a business strategy focused on diverting waste from landfill. BINGO’s business model is underpinned by a recycling-led solution, which sets the company apart from other players in the market. BINGO operates a growing network of recycling facilities across NSW, Victoria and now Queensland with state-of-the-art processing facilities and advanced technology. BINGO’s network of facilities accepts mixed waste that would otherwise be sent to a landfill and achieves industry-leading recovery rates in excess of 80%, creating a range of recycled materials. By diverting waste from landfill to our resource recovery and recycling centres, we are helping to drive Australia towards a circular economy.
For further information:
Media Enquiries: Chris Gordon +61 467 333 440