Deal boost for waste firm
Credential Environmental Ltd, a venture capital-backed waste management group, has acquired the assets and goodwill of Worcester waste specialists Betta Special Waste and Betta Environmental.
CEL was backed earlier this year by Ailsa3 Ventures, a company founded by Yorkshire entrepreneurs Andy Hinton and Nick Wyatt who sold their previous business for £35m. The company is already the UK market leader in the collection and recycling of used tyres and the management of specialist automotive wastes such as brake fluids, batteries, oils, catalytic converters and the treatment and transfer of other hazardous wastes.
CEL operates sites across the UK, employing over 100 staff. The acquisition of the two Betta businesses will boost turnover by £2.5m.
Commenting on the deal, Wyatt said: "As predicted, CEL is on track to continue to develop as the dominant force in the market place for waste collection and reprocessing in the tyre, automotive and special waste arena."
Impax Capital, who advised Ailsa3 in the investment in CEL, led the transaction for Credential. Nigel Taunt, MD of Impax Capital, said a key factor in the success of the deal involved careful attention to detail and negotiating solutions where the parties took different positions. "As the first phase of Credential's development plan,. the acquired businesses offer excellent synergies with Credential's special waste division." ACQ
This announcement appears as a matter of record only
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