Hamburger Recycling (a subsidiary of the Austrian Prinzhorn group) has signed a contract covering the takeover of the Italian recycling company Eurocart, together with its affiliated company Berica Recuperi. The recovered paper specialist located in Vicenza operates with three logistic centers, 130 employees and has the capacity to collect and process 239.000 tons of paper for recycling and other secondary raw materials annually. Eurocart will continue operations under its current name. The transaction is subject to merger clearance and approval by the relevant authorities. The latest acquisition will raise Ham-burger Recycling’s recovered paper capacity to 2.1 million tons a year, with 39 locations in 13 countries.
With the acquisition of Eurocart, we have the ideal partner for our growth and sustainability strategy. Eurocart not only contributes additional volume to the group but also expands our external business relationships, further enhancing our position as a reliable partner and supplier on the international market of the paper industry and the production of substitute fuels.” said Mr. Andreas Walser, Managing Director of Hamburger Recycling.
Mr. Lionello Olivieri, the shareholder of Eurocart stated: “Hamburger Recycling is the ideal partner to implement our ideas and meet the challenges of waste management. Investments for growth, integration and the development of our international business relations will secure jobs and strengthen our position on the Italian market.”
Corus Corporate Finance acted as financial advisor of Eurocart’s shareholders with a team including Luca Maccagnani Castelli (managing partner), Umberto Rossi (director) and Emily Favaretto (associate)
For legal aspect, the sellers have been assisted by Studio Bellora & Associati, with Marco Bellora
Hamburger Recycling have been supported by CMS as lawyers, with a team including Mauro Battistella (partner), Sara Porta (senior associate) and Elena Cini (associate). Baker Tilly supported the buyer for the financial and fiscal due diligence.
Eurocart, founded in 1973 by the Olivieri family and headquartered in Cornedo Vicentino (Vicenza), is a specialist in the collection, recovery and disposal of non-hazardous industrial waste (mainly paper, cardboard and plastic packaging). The company employs 130 people and operates through 3 industrial plants in Vicenza, with a total authorized treatment capacity of more than 230k tons/year.
The Prinzhorn Group
With 10,000 employees in 16 countries, the Prinzhorn Group is a European market leader in the packaging, paper and recycling industries. With an annual turnover of 2.9 billion euros (2022), the group is one of the top 5 in Europe. The Prinzhorn Group, is headquartered in Vienna, Austria, and is divided into three business units: Dunapack Packaging (corrugated packaging solutions), Hamburger Containerboard (production of corrugated base paper) and Hamburger Recycling (collection and trading of secondary raw materials).