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5 hours ago

In the bag: Norwegian company agrees to acquire CLYNK in $45M deal 

A CLYNK deposit shed PHOTO / TINA FISCHER CLYNK customers deposit bags of redeemable containers in sheds; this one is in Kennebunk.
By Tina Fischer

CLYNK, a South Portland-based bottle redemption and recycling company, has been acquired by TOMRA (OSE: TOM), a global recycler headquartered in Norway, for $45 million.

An additional consideration of up to $15 million will be contingent on performance milestones through the end of 2027 as part of an earn-out structure. The acquisition of CLYNK shares was expected to close at the end of the third quarter.

C&C Consolidated Holdings LLC, better known as CLYNK, was founded in 2006 by Clayton Kyle, who served as executive chairman. Matt Prindiville served as its most recent CEO.

CLYNK has more than 500,000 customer accounts in Maine and New York, with additional clients in Iowa, Connecticut and Oregon.

It recorded revenue of $29.3 million in the most recent 12-month period. Revenue grew by more than 15% annually between 2020 and 2024, according to a news release. 

How it works

Customers fill CLYNK bags with redeemable beverage containers and then deposit them at designated drop-off locations, which in Maine are at participating Hannaford stores. CLYNK processes the containers and deposits refunds in customers’ CLYNK accounts, which are accessible at in-store kiosks. 

TOMRA has approximately 113,700 installations in over 100 markets worldwide, had revenue of $1.5 billion in 2024 and employs 5,300 across the globe. 

“With the acquisition of CLYNK by TOMRA, the global leader in redemption and recycling technology, my mission here is complete,” Prindiville said in a statement released Oct. 1. 

Prindiville, who came to CLYNK with a track record of launching startups, said with the deal he stepping down as CEO.

“When I stepped in two and a half years ago, the goal was clear: build a strong team, turn the company around, grow the business and prepare CLYNK for a successful sale. Together, we delivered, ahead of schedule, and left CLYNK stronger than ever," he said. 

CLYNK claims to be the fastest-growing redemption and recycling company in the Northeast.

"We are excited to welcome this new member of the TOMRA family. This acquisition not only strengthens our position in the North American market but also enhances our ability to provide innovative and convenient recycling solutions to consumers," said TOMRA’s Marius Fraurud, who is executive vice president.

He said combining CLYNK's bag drop technology with TOMRA infrastructure "will create significant synergies and drive additional growth."
 

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