China, India metals exporter acquires Sydney recycling company

A Victorian metals exporter has acquired a business which sources and sells materials from commercial renovations and developments.

Manhari Group has acquired a Sydney recycling company that sources products from commercial projects and renovations and onsells them.

Victorian metals exporter Manhari Group has acquired Sydney-based Revert Group, which sources and sells materials from commercial renovations and developments.

The deal came as major developers sought more sustainably sourced and manufactured products – a shift that sparked a wave of new start-ups, including Nab-backed Noveco Surfaces which turns old wine bottles into glass tiles and benchtops.

A consumer preference for more sustainable practices and products had also paved the way for new businesses to emerge, including RecycleSmart, which collects and onsells about 50 to 60 per cent of a consumer’s daily waste to be used in new roads.

Revert has a similar business model, which involves collecting the likes of electrical waste, plasterboard and office chairs, which it is able to onsell from its factory in western Sydney’s Moorebank.

Manhari Metals will use that factory to expand its metals exportation business into Sydney, where it is focused on the CBD, Parramatta and Liverpool areas. The company, which began in 2007 as a public and industrial drop-off station before expanding its services to include a fleet of pick-up trucks, is now one of Victoria’s largest metal exporters.

Its chief executive Maddy Gupta said the acquisition would allow Manhari to leverage Revert Group’s resources and industrial knowledge.

“By joining forces with Revert Group, we are taking the next step in realising our vision of a truly circular economy,” Mr Gupta said.

“Together, we will continue to innovate and expand our services, making a lasting impact on both our community and the global environment.“

Manhari exports to several major manufacturers in India and China from its operational sites in Horesham, Ararat and Ballarat.

Mr Gupta said the acquisition gave Manhari a $25m uplift in value, with both businesses pulling a combined $150m in annual revenue. The figure is expected to jump to near $200m over the next two years as both companies look to leverage unused materials from each other.

Together, Manhari Group and Revert Group would be able to recycle 90 per cent of the materials they collected.

Revert co-founder Paul Rosenberg said the acquisition “marks the beginning of an exciting new chapter”.

“It’s our vision to be leaders in the industry, innovating best practices in recycling and reporting,” Mr Rosenberg said.

“By combining our expertise and resources, we are better positioned to deliver high-quality recycling solutions that contribute to a sustainable future.”