M&A Deal Summary

Cardinal Capital Group and The Carlyle Group Acquire City Bin

On May 30, 2019, private equity firms Cardinal Capital Group and The Carlyle Group acquired environmental company City Bin from Averda

Acquisition Highlights
  • This is Cardinal Capital Group’s 1st and The Carlyle Group’s 5th transaction in the Environmental sector.
  • This is Cardinal Capital Group’s 6th and The Carlyle Group’s 10th transaction in Ireland.
Investment Fate
  • City Bin was sold to a strategic buyer in 2022.

M&A Deal Summary

Date 2019-05-30
Target City Bin
Sector Environmental
Buyer(s) Cardinal Capital Group
The Carlyle Group
Sellers(s) Averda
Deal Type Divestiture
Advisor(s) IBI Corporate Finance (Financial)
Flynn O'Driscoll Business Lawyers (Legal)

Target

City Bin

Galway, Ireland
City Bin is a waste collection company engaged in providing waste management and recycling services. City Bin was founded in 1997 and is based in Galway, Ireland.

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Buyer(S) 2

Buyer
DESCRIPTION

Cardinal Capital Group is an investment group principally focused on providing alternative financing solutions to small and mid-sized companies throughout Ireland. Cardinal Capital looks to invest €5 to €50 million per transaction and will consider direct investments as well as mezzanine financing commitments. Cardinal Capital Group was formed in 2003 and is based in Dublin.


DEAL STATS #
Overall 8 of 13
Sector: Environmental M&A 1 of 1
Type: Divestiture M&A Deals 3 of 3
Country: Ireland M&A 6 of 11
Year: 2019 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-18 Payzone UK

Cheshire, United Kingdom

Payzone UK Ltd. is the largest consumer payments network in the country with over 7,500 retail agents which process a variety of electronic transaction services, including mobile phone top-ups, debit/credit card transactions; M50 motorway toll payments; Leap travel cards, local property tax payments, parking fees, schools and clubs payment platform, pre-paid utility and parcel collection services.

Sell €100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-01 AA Insurance

Dublin, Ireland

AA Insurance is a roadside assistance provider and insurance intermediary. It provides roadside repair and Rescue, and Motor, Home, Travel & Life insurance. It also provides technical and audit services notably for the Road Safety Authority. AA Insurance was founded in 2016 and is based in Dublin, Ireland.

Sell -
Buyer

The Carlyle Group

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 435.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.
Carlyle's corporate headquarters on Pennsylvania Ave. in Washington, DC.

The Carlyle Group is a global investment firm that pursues private equity, credit, and real estate investments worldwide. Carlyle's private equity practice practice pursues buyouts, strategic minority equity investments, equity private placements, consolidations and buildups, and growth capital financings. With offices in 19 countries, Carlyle can easily target opportunities throughout North America, Europe, Asia, Australia, the Middle East/North Africa and Latin America. Broad sectors of interest include aerospace, defense, automotive and transportation, consumer, retail, energy and power, financial services, healthcare, industrial, infrastructure, technology services, business services, telecommunications and media. The Carlyle Group was formed in 1987 and is based in Washington DC.


DEAL STATS #
Overall 651 of 749
Sector: Environmental M&A 5 of 6
Type: Divestiture M&A Deals 67 of 74
Country: Ireland M&A 10 of 10
Year: 2019 M&A 16 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-30 Forgital

Vicenza , Italy

Forgital manufactures seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. It specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminum. The company's Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services that encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding, and macroetching). Forgital was founded in 1873 and is based in Vicenza, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-05 KLDiscovery

Eden Prairie, Minnesota, United States

KLDiscovery is a provider of tech-enabled information discovery and governance solutions. The Company’s solutions help clients to optimize outcomes in corporate litigation and regulatory investigations and to meet compliance requirements. KLDiscovery offers a comprehensive suite of E-Discovery services, which are powered by the Company’s proprietary technology. In addition, KLDiscovery offers select, complementary information governance solutions which allow clients to manage data in one comprehensive, unified solution. KLDiscovery was founded in 1985 and is based in Eden Prairie, Minnesota.

Sell -

Seller(S) 1

SELLER

Averda

Dubai, United Arab Emirates

Category Company
Sector Environmental
Employees7,500
DESCRIPTION

Averda is an environmental solutions provider in the MENA region, specialising in integrated resources management. averda is at the forefront of innovation in the regional market, providing sustainable solutions and more than 35 years of experience in the effective management of waste for both private and public sector clients. Averda is based in Dubai, United Arab Emirates.


DEAL STATS #
Overall 1 of 1
Sector: Environmental M&A 1 of 1
Type: Divestiture M&A Deals 1 of 1
Country: Ireland M&A 1 of 1
Year: 2019 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-01 Solid Waste Technologies SA Pty

Cape Town, South Africa

Solid Waste Technologies SA Pty Ltd. is a provider of healthcare​ waste recycling systems for medical facilities. Solid Waste Technologies SA Pty Ltd. was established in 1993 and is headquartered in Cape Town, South Africa.

Buy R100M