Barclays Private Equity invests in Metal & Waste Recycling
Barclays Private Equity, the pan-European mid-market private equity house, has invested in Metal & Waste Recycling Ltd, the UK’s fourth largest metal recycling business, to support future growth and the continuation of a progressive acquisition strategy.
Metal & Waste Recycling, which has turnover in excess of £100 million, is a privately owned company based in Edmonton, North London with eight depots in the North East, Midlands and South East. It has grown rapidly both organically and through acquisition (two in 2005), and has recently broadened its service offering to provide its customers with total waste solutions.
Andrew Murtagh, Director of Barclays Private Equity, who led the transaction commented: “As world demand for commodities such as steel continues unabated, there will be an increased focus on the processing of scrap to feed a buoyant steel production market. Metal & Waste Recycling Ltd is in a unique position to grow through expansion of its existing operations and further acquisitions as the industry continues to consolidate.”
The company employs over 300 people processing both ferrous and non ferrous scrap metal, providing high quality feed for a broad range of UK and international steel mills and foundries.
Gary Mann, Managing Director of the group, commented: “Scrap demand is forecast to increase dramatically over the medium term and Metal & Waste Recycling is in a strong position to grow on the back of this positive market environment.”
Mann continues: “Our recent acquisition of Forman Recycling Ltd in 2005 compliments the company’s existing operations by providing a full waste management service. The investment we have received from Barclays Private Equity will enable us to continue our capital investment and acquisition programme and expand the services that we offer our customers.” p>
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