Private equity investor Trevor Bayley, one of the founding partners of HgCapital, is backing a management takeover of Scottish recycling business Redeem.
The management buy-in (MBI) of Redeem is being led by Curt Hopkins and Pete Petrondas, who assume the roles of Chief Executive Officer (CEO) and Chief Operating Officer (COO) respectively. Hopkins and Petrondas will invest in the deal with backing from Bayley, who will be non executive Chairman.
Hopkins and Petrondas bring a wealth of sector experience to Redeem. It is this level of knowledge and expertise that they believe puts them in a very strong position to build upon the foundations established by founders Jamie Rae and David McCabe.
Operating in Europe and Asia, Redeem has experienced 100 per cent growth this year, with turnover now in excess of GBP20 million per annum. This growth reflects an expanding marketplace for mobile phone and electrical product recycling, with demand for the most environmentally sound and cost effective solutions being sought by businesses on an ever increasing international basis.
With ambitious plans to grow the business, the new management team will focus on existing markets, including network operators and mobile retailers in the UK and Europe. This will be supported by expanding the company’s product recycling portfolio to support the global expansion in new consumer products such as smart phones, and tablets.
Redeem is well positioned as a leading recycler of consumer electronics and print cartridges and it is a privilege to acquire such a strong and fast growing business in an expanding marketplace," says Hopkins. "Our aim is to create Europe’s leading value recycler with the vision of making corporate social responsibility easy.”
Pete Petrondas, founder and former CEO of Eazyfone Group and Envirofone.com, adds: “We are pleased to have Trevor Bayley as our financial partner. He supports our strategy, understands the sector and is committed to helping us achieve Redeem’s substantial growth potential – both organically and through further acquisitions.”
Redeem, which will retain its headquarters in Falkirk, was originally established in 1999 and has grown from a UK-based printer cartridge recycling business to an international multi-device recovery and recycling specialist. The company currently works with some of the UK’s and Ireland’s largest brands to offer innovative customer recycling programmes, including network operator O2 and retailers Boots and Sainsbury’s.
