Thorntons bid to purchase City Bin delayed by competition watchdog

PARK WEST company Thorntons Recycling’s bid to acquire City Bin has hit a delay after the competition watchdog decided to carry out a full investigation into the deal.

The Competition and Consumer Protection Commission (CCPC) has opted for a more comprehensive Phase 2 review of the purchase after it concluded the transaction could lead to a substantial lessening of competition in the market for waste removal services.

The proposed deal was originally announced in July 2022 but was only notified to the CCPC in December and the commission only received the required information for its Phase 1 review in late March – two months past the January deadline.

Now a final decision could take another 135 days, with third parties being asked to make submissions before June 22.

The further delay for the acquisition means City Bin’s private equity backers, Carlyle Cardinal Ireland, and founder Gene Browne will have to wait longer to cash out.

Thornton’s, a waste and recycling business owned by brothers Paul and Shane Thornton, has been active in Ireland’s waste sector for 45 years.

Operating in 11 depots across Dublin, Meath, Kildare and Wicklow, the company handles 700,000 tonnes of waste per year for 80,000 household and commercial customers. It employs 550 people.

The smaller City Bin Co is headquartered in Galway and has been providing waste collection services there and in Dublin since 1997. The company is known for its customer service focus, which Thornton’s cited as a key reason behind the acquisition bid.

Both firms have increased their waste charges since announcing the deal as the cost of living squeeze continues to hit households and businesses.

The CCPC will publish its Phase 1 determination within 60 working days, after allowing the parties the opportunity to request that confidential information be removed from the published version.

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