Dublin, Ireland – Carlyle Cardinal Ireland (CCI), the private equity fund established by The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group, has agreed to make an investment in The City Bin Co., an award-winning waste management company. The investment, terms of which are not being disclosed, is expected to be completed in the coming months.
The City Bin Co. was co-founded by Gene Browne in 1997 to bring a customer-centric approach to the waste management industry. Today the company is a leading provider of waste management services in both Dublin and Galway City, serving in excess of 80,000 household and commercial customers. Unlike traditional waste operators, The City Bin Co. solely focuses on source segregated waste collection from residential households and commercial businesses. The company’s core strategic focus is customer service and The City Bin Co.’s investment in people and its reputation for service excellence are renowned. The relentless pursuit of customer service excellence has delivered industry-leading customer retention rates and exceptional customer satisfaction as measured by Net Promoter Score (NPS). Approximately 150 people are employed by the company across its operations.
Gene Browne will remain as CEO of the company and the existing management team, including Niall Killilea, Managing Director, and Louise Niemann, Chief Financial Officer, will continue to lead the company. Ian Daly, Director, Cardinal Capital Group, Esmond Greene, Director, The Carlyle Group, and Jonathan Cosgrave, Managing Director, The Carlyle Group will join the board of directors of The City Bin Co. upon completion of the investment.
Gene Browne, the CEO, The City Bin Co., said: “The City Bin Co. has grown consistently in a very competitive market through our customer-focused business model. This approach has served us very well and truly differentiated the company. We’re delighted to partner with a fund of the pedigree, experience, and resources of CCI as we prepare for our next stage of growth. Our focus will remain on setting the standard for customer service across the waste management industry and delivering exceptional value for money to our business and household clients”.
Esmond Greene, Director, The Carlyle Group, said: “The City Bin Co. investment is CCI’s eleventh in the Irish market and we are delighted to partner with a business which has an unrivaled reputation for customer service, strong brand recognition and an experienced management team that has overseen a doubling in size of the business over the past 5 years. The fragmented waste management services market provides a significant opportunity to service growing household and business demand for professional waste management services through continued investment and via acquisitions, and we look forward to supporting the company’s continued expansion and to growing the 80,000+ customer base”.
Ian Daly, the Director, Cardinal Capital Group, said: “Managing waste is a critical part of any household or commercial customer’s budget and The City Bin Co.’s service and technology proposition enables it to employ the most effective and sustainable methods in processing more than 100,000 tonnes of black, green and brown waste every year. The Irish waste market is continually evolving and CCI’s focus is always to grow the companies it invests in. We and management have a collective ambition to double the size of the business over the next 5 – 6 years through a combination of organic and acquisitive growth.”
CCI has been an active growth investor in Ireland since 2014. The City Bin Co. is the fund’s eleventh investment and CCI continues to explore other investment opportunities across the Irish market. Current CCI investments include The AA Ireland, Sports Surgery Clinic, Carroll Cuisine, Learning Pool and McCauley Pharmacy Group. CCI previously invested in Lily O’Brien’s and General Secure Logistics Services (GSLS). During April 2019, CCI announced the sale of Payzone to a joint venture company established by AIB plc and First Data Corporation.
CCI’s investment in The City Bin Co. is subject to approval from the Competition and Consumer Protection Commission (CCPC).