South Eastern Europe Fund Invests in Green Group

South Eastern Europe Fund (SEEF) completed its investment in Romcarbon (a company listed in the Bucharest Stock Exchange) to buy 75% of its recycling operations and to provide additional capital to assist further growth of the business following their preliminary agreement in December 2011. Co-investor with SEEF is the European Bank of Reconstruction and Development (EBRD).

The recycling operations (“Green Group”) include the recycling of PET bottles as well as the recycling of electrical and electronic equipment (WEEE). Green Group closed 2011 with revenues of €78m, EBIDTA of €12m and profits after tax approximately €6.3m.
Green Group’s investment plan includes the expansion and improvement of its collection network, the restructuring and automation of the group’s industrial base (in Romania, Serbia and Skopje), the establishment of new plants for the recycling of electrical and electronic equipment in Serbia and Hungary and the launch of new recycling operations, such as the recycling of glass and industrial waste.
Recycling in Romania and the other counties in which Green Group operates today, is lagging significantly compared to the rest of Europe and even Greece, despite considerable progress in recent years. The recycling of all materials in the region is expected to accelerate in the coming years taking into account the tremendous pressure by the European Union legislation and also the increasing environmental sensitivity of the local communities.

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