CP ADVISES ANOTHER WASTE AND RECYCLING SECTOR CLIENT – THE UK’S LEADING INDEPENDENT WASTE BROKERAGE ON ITS SALE TO RECONOMY GROUP
Our award-winning Corporate Finance dealmakers advised the Shareholders of UK Waste Solutions on their sale to Reconomy, a portfolio company of EMK Capital LLP, marking the team’s second high profile circular economy deal in the last 18 months.
Headquartered in Newark, Nottinghamshire, UK Waste Solutions Limited are sustainability consultants and managers who specialise in supporting clients across the hospitality, distribution, transport, facilities management, manufacturing and construction sectors.
Through its flagship Novati brand, it works with many well-known and highly respected brands, including Marston’s, Prezzo, Roadchef, Network Rail, CBRE and Birmingham Airport. The business has enjoyed significant growth in recent years and now has 3,500 customers.
The acquisition of this fast-growing, profitable business and the foremost independent waste broker in the UK includes all four of UK Waste Solutions Limited’s primary brands (Novati, AMA, Click Waste UK and Evolution) and its 160 employees. It further strengthens Reconomy’s market-leading position in the commercial waste sector as the biggest technology-enabled, outsourced resource management solution in the UK.
UK Waste Solutions Limited’s offering across a broad range of sectors and industries is highly complementary to Reconomy’s existing business, deepening its capabilities and footprint within this vertical to better service new and existing clients.
The transaction follows the acquisition of Denmark-based green-tech business Combineering in February this year. Reconomy Group recorded revenues of over £1 billion through FY 2022 across its 30 offices worldwide and is one of the UK’s largest and fastest-growing businesses operating in the circular economy, waste management and sustainability sectors.
Guy Wakeley, Chief Executive of Reconomy Group, said:
“We are delighted to welcome the UK Waste Solutions Limited team to Reconomy Group. It is a great fit with our business due to our shared commitment to developing closed loop solutions that will accelerate the shift towards a more circular economy. The transaction is consistent with our ambitious plans to grow both organically and through further acquisitions in the UK and around the world.”
Michael Benton, Managing Director of the Recycle Division at Reconomy Group, commented:
“UK Waste Solutions Limited has a track record of delivering an excellent outsourced service and will be a valuable addition to the Recycle Division at Reconomy Group. Its customer-led approach aligns perfectly with our values and deepens our capabilities. It increases our joint offering in the commercial, industrial and construction industry to deliver economic and environmental benefits for businesses, providing an unrivalled, added-value outsourced alternative.”
Max Kanda, Managing Director at UK Waste Solutions Limited, said:
“Reconomy Group’s commitment to innovation in the circular economy and well-established footprint across the UK market will strengthen our combined growth, as we will be able to offer a wider range of services to our joint customer base. We are excited to become part of one of the UK’s largest and fastest growing companies at a critical period for meeting the challenges of resource scarcity through technology- and data-led closed loop solutions as the adoption of the circular economy becomes increasingly central to how we do business globally.”
The Cooper Parry Corporate Finance team was led by Ben Rookes, Tom Summers and Alex Ydlibi. Legal support on the deal was provided by Kuit Steinart Levy LLP.
TOM SUMMERS, Associate Partner, stated:
“UK Waste Solutions is a fantastic local business. The focus on sustainability solutions it shares with Reconomy makes for an exciting partnership and a combined outsourced business service offering that will support the UK’s transition to a circular economy. We are proud to have supported the Shareholder group and Management team through this transaction and wish both them and the business every success going forwards.”
