Well-known Helensburgh waste managers the Blackwell family are selling their two recycling properties to Sydney waste disposal empire Bingo.
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The two Blackwells operations – Helensburgh Sands and Soils, and Wollongong Recycling – will be bought by Bingo Industries for $9.5 million.
The sale includes the properties where the facilities are located, on Walker St, Helensburgh, and Wylie Rd, Kembla Grange, Bingo’s public float prospectus shows.
Bingo describes the sale agreement as the “Wollongong Acquisition”.
“Bingo Property has also entered into land sale contracts to acquire the Wollongong properties (being the associated freehold land),” the Bingo prospectus says.
The CEO of both local companies, Adam Blackwell, said he and brother Heath would stay on and become Bingo shareholders.
“We understand Bingo is committed to its growth plans, which are required to meet the increased demand from customers for sustainable waste management and recycling practices,” he said.
“The community want and deserve first-class management services and we expect Bingo will deliver it in the Illawarra region.”
Blackwells have an application in with the Major Projects section of the NSW Department of Planning and Environment for an expanded “resource recovery park” at Helensburgh.
Mr Blackwell’s comments indicate Bingo would continue with this proposal. This development is awaiting a detailed Environmental Impact Statement.
“Bingo has shaken up the whole industry with a level of innovation towards recycling that simply didn’t exist even five years ago, and this will be a great outcome for the people of Wollongong and the staff of the business,” Mr Blackwell said.
Bingo describes itself as the leading specialist in contaminated soils disposal. It handles commercial waste, liquid waste and skips.
Blackwells have insisted their Helensburgh operation is a recycling facility, not a waste dump.
Bingo’s initial public offering closes to retail share buyers on May 2, with trading expected to begin on the ASX a week later.
The Blackwells have attracted their share of controversy to their operations.
In 2012 a Wollongong City Council investigation found the Helensburgh business was operating well in excess of what was allowed under development consent. Council had been a major client.
Then in 2015 it was revealed the Wollongong Recycling facility had been operating in excess of what was allowed. Again council had been a customer, until 2014 when it inspected the site and fined the operators.