Abris Capital-backed Green Group buys Eltex Recycling
Abris Capital Partners-owned Green Group, the largest integrated recycling group in South-Eastern Europe, has acquired a 100 per cent stake in Romanian industrial waste management player Eltex Recycling.
The two companies will join forces to expand Eltex Recycling's position as a provider of waste management solutions in Romania, by “delivering high quality, cost efficient and sustainable services to its clients,” according to the company.
“This acquisition is a part of our business strategy to consolidate the market position of Green Group as a leading integrated recycling business in Europe,” said Adrian Stanculescu, partner at Abris Capital Partners and head of Abris Romania.
Abris acquired majority control of Green Group in July 2016, and has partnered with the firm’s management team in order to expand the group since then.
Eltex Recycling was set up in 2012 as a local subsidiary of Eltex Kft, a Hungarian waste management company founded over 31 years ago, owned and led by Vass Zoltan and Vermes Peter.
The company offers integrated waste management services such as organising the production flows for waste collection, taking over the waste collection process, and identifying recycling solutions to extract the maximum value from the generated waste.
Its clients are large multinational companies from sectors including automotive, electronics and consumer goods. The company has been run by Zoltan Bartha, CEO of the company since 2014.
Green Group is a European recycling business active in the recycling of all major waste streams including PET bottles, electric and electronic waste, glass, lamps and batteries. The company is the largest European producer of polyester synthetic fibre from 100 per cent recycled PET flakes.
The group expanded into Slovakia and Lithuania at the end of 2019, where it operates two modern PET recycling facilities.
“The acquisition of Eltex recycling is one more step taken by Green Group toward a circular economic model,” said Constantin Damov, chairman of Green Group.
“We now start the cycle not from the waste but from a waste service given to industries. Now we will play “recycling as a service,” integrating industrial waste into new products. It is our way towards a ‘zero waste” society,” he added.