New acquisition puts Reconomy on international stage
Reconomy, the UK’s leading provider of outsourced waste management and environmental compliance services has signed an agreement to acquire the Noventiz Group of Companies, from German PE house SEAFORT Advisors taking the first step into the international market.
Based in Cologne and founded in 2007, Noventiz provides packaging compliance services for commercial customers in Germany. The deal marks an important milestone in Reconomy’s strategic plan, as the first overseas acquisition made by the group. It also further expands Reconomy’s successful compliance division, spearheaded by Valpak in the UK, and is a key development towards the group’s ultimate ambition of being the leading global provider of services to the circular economy.
Commenting on the deal, Reconomy’s CEO, Paul Cox, said: “The purchase of Noventiz is the start of an exciting new chapter for Reconomy as we establish ourselves in the European and International marketplace. Our vision is to add value to customers across the breadth of environmental services on a global scale, and Noventiz will provide an opportunity to build on the success we’ve experienced with packaging compliance, using their great expertise and knowledge of the German market. As we all know, this has been a challenging year, but Reconomy has remained committed to our growth ambitions and I’m delighted to be concluding 2020 with this very positive development. We’re looking forward to welcoming our new colleagues from Noventiz into the Reconomy family”
Noventiz CEO, Dirk Boxhammer, said: “Noventiz is proud to become a member of the ambitious Reconomy family. This strengthens our position in the German market and offers a wide range of new national and international service opportunities for our clients”
SEAFORT Advisers said: “We are proud of what the Noventiz Management has achieved over the last years in a challenging environment, having developed Noventiz into a leading dual system operator in Germany. With the sale to Reconomy, SEAFORT Advisers again underlines its strategy to internationalise its businesses to become attractive for international strategic players”.
Blackwood Capital Group acted as M&A advisor to Reconomy. Ronny Grosman, Managing Partner of Blackwood Capital: “We are incredibly pleased to have advised Reconomy on this important transaction and first step into international markets”.
The transaction is subject to the approval of the German anti-trust authorities (Bundeskartellamt) and is expected to complete by the end of November 2020