The Management Board of Grupa Recykl has concluded negotiations and agreed on key terms for the acquisition of 100% of shares in the German company Harzer Reifenhandel und Verwertung Wernigerode GmbH (“HRV”). For Grupa Recykl, the completion of this transaction will mark a direct entry into the German market—the largest and one of the most promising in Europe. It will also facilitate access to new clients in Germany and other Western markets while supporting further scaling of the Group’s business following the acquisition of Lithuanian company APG earlier this year. The closing of the HRV deal is expected no later than Q2 2026.
Transaction Details
On September 3, 2025, Grupa Recykl S.A. agreed with HRV’s individual shareholders on key terms of the acquisition. The shares will be purchased by its subsidiary Recykl Invest sp. z o.o. Negotiations and due diligence began in May 2024. The estimated total investment, including a potential earn-out mechanism, will not exceed EUR 10.1 million. Of this amount, EUR 6.6 million will be paid on the transaction date, while the remainder will be conditionally payable upon meeting certain financial targets by 2027.
The transaction also provides for one of HRV’s shareholders to acquire no more than 10,434 shares of Grupa Recykl S.A., valued at up to EUR 220,000, but no less than PLN 90 per share. These shares will be subject to a 12-month lock-up period. The acquisition will be financed through a mix of Grupa Recykl’s own funds, bank loans, and a loan currently being negotiated with the Foreign Expansion Fund 2 FIZAN, managed by PFR TFI S.A.
Strategic Expansion
“We are approaching the finalization of our second strategic acquisition outside Poland, namely HRV based in Saxony-Anhalt, and we expect to close the deal in the coming months. This transaction will allow us to directly enter Europe’s largest end-of-life tire management market and facilitate access to new customers in Germany and across Western Europe. Operationally, HRV’s business model, including its tire collection system, is similar to ours, which will support integration and synergies. Financially, HRV achieves higher margins, which will strengthen our consolidated results and investment capacity,” said Maciej Jasiewicz, President of the Management Board of Grupa Recykl S.A.
HRV in Numbers
In 2024, HRV generated approx. EUR 4.46 million in sales revenue, EUR 1.17 million in EBITDA, and EUR 0.83 million in net profit. In H1 2025, the figures amounted to approx. EUR 2.46 million, EUR 0.71 million, and EUR 0.55 million, respectively. The company has been collecting, recovering, and recycling used tires for nearly 30 years, processing almost 25,000 tons annually. Grupa Recykl has maintained long-standing business relations and cooperation with HRV.
Stronger Group Performance
“Our clear focus on M&A in recent years is already bringing tangible results. Looking at the last reported quarter (April–June), we achieved the highest scale of operations in our history, with solid revenues and profits. This is the result of strong fundamentals in our existing business, as well as the consolidation and integration of Lithuanian company APG, acquired earlier this year. We are already recording growth in tire collection and recycling services, with greater synergies expected in upcoming quarters,” added Joanna Zalwert, Management Board Member and CFO of Grupa Recykl S.A.
In Q2 2025, consolidated sales revenues reached PLN 38.8 million, with PLN 6.7 million in operating profit—both the highest quarterly results since the company’s founding. EBITDA and net profit stood at PLN 9.1 million and PLN 4.6 million, respectively, marking the second- and third-best results in these categories. The recycling and recovery services segment achieved a 54.6% year-on-year increase (PLN 12.8 million), while tire collection and intake services grew 35.5% (PLN 5 million). Sales of recycled tire products fell 12.6% year-on-year (PLN 18.4 million) due to a seasonal shift and weather factors.
New Opportunities in Road Construction
In Q3 2025, the company reported the successful implementation of its SMAPOL® additive in the first of three sections of the S6 expressway in Pomerania (Skórowo–Leśnice, 10.9 km). The use of SMAPOL® in constructing a high-standard road marks a historic milestone for Grupa Recykl and opens prospects for greater involvement in the road construction sector.
