Surovina in advanced sale talks with Hamburger Recycling - sources

Breaking News 12 December

Surovina in advanced sale talks with Hamburger Recycling - sources

The owner of Surovina, a Slovenian waste management services provider, is in bilateral talks over a sale to Hamburger Recycling, a unit of Austrian paper and packaging group Prinzhorn, two sources familiar with the situation said. 

The talks are at an advanced stage, one of the sources said, suggesting a deal value in the EUR 90m-EUR 100m range.

Surovina posted consolidated revenues of EUR 132.7m and EBITDA of EUR 15.08m for 2021, up by 66% and 136%, respectively, from the previous year, according to its annual report.

Established in 1951, Surovina is engaged in the extraction of secondary raw materials from residual waste and its services are used by over 6,000 companies, according to its website.

The group runs fully owned subsidiaries in Slovenia (Gorenje Surovina RECE), Croatia (Surovina RECE), Serbia (Kemeko Serbia) as well as Bosnia and Herzegovina (Kemeko - BH). The group employed 368 people at the end of 2021, according to its annual report.

Slovenian white goods manufacturer Gorenje sold Surovina to local peer Eko Surovina owned by Slovenian fruit wholesaler Rastoder in 2018, as reported.

The Hamburger Recycling group collects and trades secondary raw materials for international paper and recycling industry. 

The family owned Prinzhorn Group employs around 10,000 people in 16 countries, primarily in Central and Eastern Europe and posted a consolidated turnover of EUR 2.3bn for 2021, according to its website

The Vienna-based company is structured in three divisions: Dunapack Packaging (corrugated packaging solutions), Hamburger Containerboard (production of containerboard) and Hamburger Recycling (collection and trading of secondary raw material).

Surovina, Prinzhorn Group and Rastoder did not respond to requests for comment.

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