DSD
Change of ownership at Germany's Der Grüne Punkt / Entry into chemical recycling announced
 The deal is done: Michael Wiener (left) and Carlos Monreal (Photo: DSD) |
As of 10 August 2022, Luxembourg’s Circular Resources has taken over Duales System Holding (DSD, Cologne, Germany; www.gruener-punkt.de), together with Germany’s Der Grüne Punkt group of companies. Behind Circular Resources is Carlos Monreal, founder and CEO of chemical recycling specialist Plastic Energy (London; www.plasticenergy.com); the sellers are private equity investor H.I.G. Capital (London; www.higcapital.com) and the DSD management.
The transaction – financial details of which were not disclosed – includes the dual system for the collection and recycling of used sales packaging as well as Systec Plastics with a production facility in Hörstel and Systec Plastics Eisfeld, Germany. At the two sites, around 50,000 t/y of plastics recyclates are produced by mechanical recycling from polypropylene and polyethylene packaging collected in the yellow bag or the yellow bin.
Related: DSD, ARA, Bernegger building sorting plant for lightweight packaging
“Circular Resources will add chemical recycling of plastics waste to Der Grüne Punkt’s existing business,” Monreal announced. His company Plastic Energy already operates two chemical recycling plants in Almeria and Seville, Spain (see Plasteurope.com of 23.11.2021).
According to CEO Michael Wiener, a pyrolysis plant is to be built at one of DSD’s two German sites in the next two to three years. Wiener will remain at the helm of Der Grüne Punkt after the takeover. The board of the DSD holding company will also be strengthened by Ralf Huep (formerly of Advent International) and Karl-Georg Altenburg (formerly of JP Morgan) – two investors who have taken a stake in Circular Resources through their investment fund CirCap.
Der Grüne Punkt, which built up the dual system in Germany from 1991 onwards and is today one of 11 operational system operators, had recently lost considerable market power: not only had the failed takeover attempt of Remondis (Lünen, Germany; www.remondis.de) in spring 2020 taken its toll on the Cologne-based company, but also the pressure it has been under due to the increase in competition in the waste organisation market. Last year, DSD announced that it would cut about 50 jobs. Turnover was recently around EUR 400 mn; no details on the performance were provided.
The transaction – financial details of which were not disclosed – includes the dual system for the collection and recycling of used sales packaging as well as Systec Plastics with a production facility in Hörstel and Systec Plastics Eisfeld, Germany. At the two sites, around 50,000 t/y of plastics recyclates are produced by mechanical recycling from polypropylene and polyethylene packaging collected in the yellow bag or the yellow bin.
Related: DSD, ARA, Bernegger building sorting plant for lightweight packaging
“Circular Resources will add chemical recycling of plastics waste to Der Grüne Punkt’s existing business,” Monreal announced. His company Plastic Energy already operates two chemical recycling plants in Almeria and Seville, Spain (see Plasteurope.com of 23.11.2021).
According to CEO Michael Wiener, a pyrolysis plant is to be built at one of DSD’s two German sites in the next two to three years. Wiener will remain at the helm of Der Grüne Punkt after the takeover. The board of the DSD holding company will also be strengthened by Ralf Huep (formerly of Advent International) and Karl-Georg Altenburg (formerly of JP Morgan) – two investors who have taken a stake in Circular Resources through their investment fund CirCap.
Der Grüne Punkt, which built up the dual system in Germany from 1991 onwards and is today one of 11 operational system operators, had recently lost considerable market power: not only had the failed takeover attempt of Remondis (Lünen, Germany; www.remondis.de) in spring 2020 taken its toll on the Cologne-based company, but also the pressure it has been under due to the increase in competition in the waste organisation market. Last year, DSD announced that it would cut about 50 jobs. Turnover was recently around EUR 400 mn; no details on the performance were provided.
19.08.2022 Plasteurope.com [250967-0]
Published on 19.08.2022
German version of this article...