- Advertisement -
Monday, November 4, 2024
Home News Fleet Averda acquires Zenath Recycling and Waste Management

Averda acquires Zenath Recycling and Waste Management

Acquisition to enable Averda to capitalise on the strength of its operations, and enhance long-term value

Waste management firm Averda has inked a deal with Zenath Trading Enterprises to acquire its Dubai-based recycling and waste management business. The acquisition was administered by Averda’s inhouse team and supported by Hogan Lovells LLP as Averda’s legal advisor for the transaction.

The acquisition is said to enable Averda to capitalise on the strength of its operations, and enhance long-term value, while also positioning Averda as the leading waste services operator in the UAE. The deal will see Averda significantly increase the number of private and public sector clients in its portfolio.

According to the statement, Zenath Recycling & Waste Management was established in 1988 and offers collection and disposal services, and is said to service over 1,000 clients across Dubai. Following the deal, Averda will inherit 38 trucks and a workforce of 150 employees.

“This acquisition enables Averda to continue to deliver on its growth in the Middle East market. I am delighted with today’s announcement and look forward to ensuring clients continue to receive exceptional levels of service from the enlarged business. Averda’s global expertise, technology and full suite of waste management services combined with the operational capability of Zenath Recycling will leverage Averda’s position to serve the multitude of corporates across Dubai,” said Malek Sukkar, CEO of Averda.

The acquisition will allow Averda to realise several synergies, including further economies of scale and the ability to cross- and up-sell end-to-end waste services to a larger client base, the statement said. This is expected to further enhance the profitability of its operations in the UAE.

Sukkar states that Averda has built a resilient waste management business based on four key pillars: providing a fully integrated offering; long-term contracted revenue; geographic diversification and a strong customer base of both private and public sector clients.

“We will continue to focus on growing our market share, both organically and by carefully targeted, selective bolt-on acquisitions across the UAE,” he explained.

Zenath Trading Enterprises’ lead financial advisor was Protiviti Middle East and legal advisor was  Baker McKenzie Habib Al Mulla.

- Advertisement -
- Advertisement -

Most Popular

BMW Middle East showcases luxury and sustainability at Dubai Design Week

BMW Middle East is returning to Dubai Design Week as the exclusive Automotive Partner for the third consecutive year, presenting a unique pavilion that...

SAF-HOLLAND showcased its entire brand portfolio for the first time at the IAA

SAF-HOLLAND has said it showcased its entire brand portfolio for the first time at the IAA Transportation show in Hanover, uniting all its companies...

The Kia Tasman rolls into Jeddah after UAE testing

Kia Corporation has officially introduced the Kia Tasman, its first-ever pickup truck, showcasing advanced capabilities for both work and leisure. Debuting at the Jeddah...

INDU Kishore Logistics breaks ground on state-of-the-art logistics facility

Dubai South, the UAE’s largest single-urban master development focused on aviation, logistics, and real estate, has partnered with INDU Kishore Logistics to break ground...

Related News

BMW Middle East showcases luxury and sustainability at Dubai Design Week

BMW Middle East is returning to Dubai Design Week as the exclusive Automotive Partner for the third consecutive year, presenting a unique pavilion that...

SAF-HOLLAND showcased its entire brand portfolio for the first time at the IAA

SAF-HOLLAND has said it showcased its entire brand portfolio for the first time at the IAA Transportation show in Hanover, uniting all its companies...

The Kia Tasman rolls into Jeddah after UAE testing

Kia Corporation has officially introduced the Kia Tasman, its first-ever pickup truck, showcasing advanced capabilities for both work and leisure. Debuting at the Jeddah...

INDU Kishore Logistics breaks ground on state-of-the-art logistics facility

Dubai South, the UAE’s largest single-urban master development focused on aviation, logistics, and real estate, has partnered with INDU Kishore Logistics to break ground...

Cargostore and HALEYS reveal high-spec trailers for Qatar

Cargostore Worldwide and HALEYS Group Middle East have joined forces to provide essential logistical infrastructure for the nation's expanding offshore energy projects. The collaboration...

LEAVE A REPLY

Please enter your comment!
Please enter your name here