KOLLECT ON DEMAND HOLDING AB Press Release
09 November 2020 08:00:00 CET
Kollect completes acquisition; and makes senior management appointment to UK business
Waterford, Ireland - 9 November 2020, Kollect On Demand Holding AB (publ) ("Kollect"), (Nasdaq: KOLL), announces completion of the acquisition of a compactor bin business announced on 26 Aug 2020 and a senior management appointment to the UK business.
Background
On 26 Aug 2020, Kollect announced that it had agreed to acquire an Irish-based company operating within the compactor bin business in the waste sector in Ireland through its operating subsidiary BIGbin Waste Technology Ltd ("BTWL").
The acquisition is now complete and the assets of the acquired business integrated into the BWTL operations.
The acquired business had shown annual revenues of approximately SEK 3.75 million (€354,000) and a net profit of SEK 1.84 million (€179,000) in the twelve months from July 2019 to June 2020.
The purchase price, which amounted to SEK 4.99 million (€480,000), was financed through the fundraise completed on 26 Aug 2020 (involving a directed issue and a loan agreement raising SEK 12 million before transaction costs).
Reasons for the Acquisition
The acquisition gives BTWL 12 additional compactor bin sites, each of which is established and revenue-generating. Also, BTWL has acquired an additional 23 compactor bins as part of the deal. All but one of these sites have the relevant planning permissions and permits; the one without planning permission is being rectified.
New sites
BTWL continues its programme of investment in new BIGbin sites and has launched three more sites with Circle K Tallaght in August 2020 (i.e. Q3 2020) and Waterford and Sligo in October 2020 (i. e. in Q4 2020).
Total operational sites is now at 29 (including the 12 sites from the acquisition), which is up from 15 sites at the end of Q3.
More about BWTL in brief
Kollect on Demand | Box 14055 | SE-104 40 Stockholm |
Press Release
09 November 2020 08:00:00 CET
BWTL operates stand-alone compactor bin sites in the South of Ireland. The compactor bin - called a "BIGbin" - allows customers to dispose of their domestic waste and serves as an alternative to consumers who would otherwise be locked into long-term waste removal contracts with waste removal operators or are currently underserved by waste removal operators. It also provides the opportunity to dispose of excess household waste at busy periods when domestic bins might already be full.
Senior Management appointment in the UK
Kollect also announces that Co-Founder Robbie Skuse has taken up the role of Head of UK, which reinforces Kollect's commitment to growing its presence in the waste collection services in the UK.
CEO comment
John O'Connor, CEO, says: "The completion of this acquisition by BWTL is another step in accelerating the growth of our waste drop-off business. By establishing BWTL as a separate subsidiary with its own balance sheet, we've brought greater focus to growing this business, and will end the year with an even stronger presence in the market.
The appointment of my co-founder, Robbie, as the Head of UK also brings increased management focus on growing our business in the UK. This move positions Kollect to push our footprint out from our base in the Greater Manchester area in 2021."
About Kollect
Founded in Waterford, Ireland, Kollect is an innovator and disruptor in the waste industry listed on the Nasdaq First North Growth Market (symbol: KOLL).
Mangold Fondkommission AB is the Company's acting Certified Adviser (Tel. + 46 8 5030 1550, CA@mangold.se, www.mangold.se).
The Company services two types of customers: those who arrange to have waste collected via the online Kollect booking engine; and those who use BIGbin smart compactor bins for waste drop-off.
The waste collection services include domestic door-to-door bin collection, commercial bin collection, skip (container) hire, skip bags and junk removal such as furniture and other large objects.
For more information, visit www.kollect.ie.
This information is information that Kollect on Demand is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2020-11-09 08:00 CET.
Kollect on Demand | Box 14055 | SE-104 40 Stockholm |
Press Release
09 November 2020 08:00:00 CET
Attachments
Kollect completes acquisition; and makes senior management appointment to UK business
Kollect on Demand | Box 14055 | SE-104 40 Stockholm |
Attachments
- Original document
- Permalink
Disclaimer
Kollect on Demand Holding AB (publ) published this content on 09 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 09:01:09 UTC
