Galway-based waste collection firm City Bin Co is planning to double its workforce, creating 35 new positions, following the news that the waste management player Averda is to take a majority shareholding in the company via a €15m investment.
Averda, which has operations across the Middle East and in North Africa, is making its first foray into Europe with the investment in City Bin Co. Under the terms of the deal, Averda will take a majority shareholding in the City Bin Co, as well as other operational investments.
The move by Averda is part of a plan to expand into Europe, with Ireland serving as its headquarters.
As for the 35 new jobs, City Bin Co is planning to fill these positions in Galway and Dublin in the coming months. The roles will be in the areas of service delivery staff, specialist IT roles and customer service positions.
The company has operations in Galway and Dublin and carries out waste collection services for homes as well as the commercial and industrial sectors.
"The Averda deal is a welcome signal of international confidence in our model and an excellent opportunity to drive international best practice in the European waste sector," said Gene Browne, CEO, City Bin Co, which he founded in 1997.
Averda CEO Malek Sukkar said City Bin Co has an "excellent reputation" across the global industry. "We look forward to rolling their business model out in Ireland and elsewhere," he said.