Six years after establishing a 150-acre resource recovery site in Melbourne’s north, Greek-led business Repurpose It changes ownership.
Announcing the sale to infrastructure investment manager Palisade Impact, co-founder George Hatzimanolis confirmed he will retain his Managing Director and CEO role.
“We are thrilled to join forces with Palisade Impact. Their extensive experience in infrastructure investments, combined with their dedication to measurable social and environmental benefits, will propel Repurpose It to new heights.”
Deploying European technology to establish Australia’s first Construction and Demolition Waste Recycling Plant, Repurpose It, was founded in 2017 by Michael Wilson, Mark Centofanti, David Wilson, George Hatzimanolis, Abraham Pace, Elvis Centofanti and Anthony Van Schaik, joining skill sets across infrastructure, road construction, green waste and logistics.
Mr Hatzimanolis, whose family hails from Chios and Florina, had told Neos Kosmos in a past interview that he considers Greek heritage an integral part of his work ethic.
“I think that Greeks in general, we’re very passionate, and for me being passionate means being humble but also not afraid to think bold, which I believe comes a lot from my heritage and has helped me in my professional career.”
Repurpose It’s washing and recycling plant in Epping attracted a $500,000 grant through the Victorian government’s Resource Recovery Infrastructure Fund and within three years had won the team two Premier’s Sustainability Awards.
Since then, the company has grown from four employees to 200, has been named as one of Australia and New Zealand’s Most Innovative Companies by the Australian Financial Review, and won a Westpac Top 20 Business of Tomorrow award among other recognitions.
New owner Palisade Impact, aims to provide long-term returns to infrastructure investments through pooled funds and portfolios targeting next-generation social and environmental industry actors.
Mr Hatzimanolis said the team hoped the additional funding that the new owner will be able to provide will help upscale the company’s impact within the circular economy sector.
“We are confident that this partnership will enable us to accelerate our growth and continue making a positive impact on the environment.”
