Souter Investments has, alongside management, bought Nutrafeed, specialist providers of recycling and by-product services for the food & drink industry, from Telford-based Reconomy.
Souter Investments has, alongside management, bought Nutrafeed, specialist providers of recycling and by-product services for the food & drink industry, from Telford-based Reconomy.
Nutrafeed provides unique by-product and waste recycling services to food and drink manufacturers, supermarkets and logistics businesses across the UK. Bespoke service packages are tailored to deliver outstanding financial and environmental results for its clients.
For Souter Investments, the purchase strengthens its involvement in the environmental and recycling sector. It already owns the majority stake in Argent Energy, a Scottish-based business which converts organic waste into biodiesel.
For Reconomy the sale is part of its strategy of refocusing its business.
Patrick Macdonald, Chief Executive of Reconomy, said "I am pleased that Souter is purchasing Nutrafeed. The sale will support the future development of the business and helps Reconomy realise its new focus."
Souter Investments is the private investment vehicle of transport entrepreneur Brian Souter. It is totally separate from Stagecoach Group of which he is co-founder and CEO.
He said: "Nutrafeed provides a unique and valuable waste management service to its customers and we are confident that we have backed a strong management team that can grow the business over the coming years."
The management team and employees are transferring with Nutrafeed which operates modern processing plants in Corby, Northamptonshire and Wrexham.
Reconomy was advised by Mark Whelan of KPMG.
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Background information:
Reconomy
Reconomy is one of the UK's most innovative waste management and recycling businesses. Following the sale of Nutrafeed, the business will be composed of two divisions. Reconomy Recycling Solutions, headquartered in Northamptonshire, is the leading independent operator in its sector in the South Midlands and East Anglia. Reconomy Solutions offers a wide range of customised waste management and recycling solutions for large and small corporate customers, with a focus on the house building, construction and utilities sectors.
Souter Investments
Souter Investments has more than 300 investments in its portfolio ranging from listed and private companies to commercial and residential properties.