Recycling Lives has completed its acquisition of Metal & Waste Recycling Ltd.
Recycling Lives' takeover of Metal & Waste Recycling (MWR) almost doubles its national footprint and operating capacity. It now owns MWR’s Hitchin fragmentiser site and seven other facilities across the South East, North East, Midlands and South Wales.
The move follows an investigation by the Competition & Markets Authority over the purchase of MWR by European Metal Recycling Ltd (EMR), which found the acquisition represented a “substantial lessening of competition” and demanded that MWR was put up for sale. EMR, however, was able to retain two MWR sites in London.
William Fletcher, Chief Executive of Recycling Lives, said: “We’re excited to have completed this acquisition as part of our ongoing growth strategy. MWR has a long and successful history, which will provide a solid foundation for our future together. We’re looking forward to working with its team and finding ways to improve one another’s businesses.”
Recycling Lives has grown turnover and EBITDA by 63% and 71% respectively, to £75m and £10.8m in 2017/18, expanding from four sites across Lancashire to 12 nationwide. Last year, it secured investment from private equity firm Three Hills Capital Partners to further accelerate growth.