Recycling business bought up by a rival
A £50 million turnover recycling business has been bought by a bigger competitor.
Eurokey Recycling, of Leicester, was acquired by Telford firm Reconomy Group, creating a business with an annual turnover of some £550 million.
Eurokey has been providing waste services since 1995 – from collections through to full recycling – and has clients in the UK and abroad.
Reconomy specialises in providing outsourced services to the waste management and environmental sectors.
It has acquired a number of businesses over the years, and was itself bought by EMK Capital LLP in 2017.
Eurokey was advised by Will Lodder and Shaf Bheda of Magma Corporate Finance, with supporting tax advice provided by Magma’s Jon Kicks. Jahid Ali and Brigitta Naunton of Howes Percival led the legal advisory team.
Reconomy received legal advice from Irwin Mitchell and financial due diligence support from KPMG.
Reconomy chief executive Paul Cox said: “We’re thrilled to announce the acquisition of Eurokey and welcome their team.”
John Dhillon, managing director of Eurokey, said: “We’re delighted to become part of the Reconomy Group.
“This deal represents an exciting step in the development of Eurokey with a company that mirrors our own values.”