Red Industries, which provides hazardous and non-hazardous waste management services across the UK, has acquired the share capital of waste management company, Haz Environmental.
The acquisition of the West Bromwich based company, said Red Industries, is “a further strategic step by Red in expanding and strengthening their position as one of the UK’s leading independent waste management businesses”.
Haz Environmental has been acquired by Red Industries
The company explained that the Red Industries Group has acquired the share capital of Perks Patel Holdings Ltd, including Haz Holdings Ltd and Haz Industrial Services Ltd (trading as Haz Environmental).
Facilities
With facilities in Brownhills, West Midlands and Stoke-on-Trent, Red Industries started as hazardous waste specialists in 2006. The company has seen organic growth and through acquisitions. Last year it acquired waste business, the Environmental Resource Group (ERG), and in 2016 it acquired the Walleys Quarry landfill site in Newcastle-under-Lyme, Staffordshire.
The latest deal includes Haz Environmental’s two sites in West Bromwich, including treatment facilities and offices, as well as their employees, customer base, and the Industrial Services arm of the business. The directors of Haz Environmental, Jit Patel and Gary Perks, are to participate in an earn-out period, helping provide a seamless transition period for existing clients, a statement from Red Industries explained.
Transition
Commenting on the deal Adam Share, CEO and founder of Red Industries, said: “We are pleased to announce the acquisition of Haz Environmental. We’ve developed a good relationship with Jit and Gary, the directors of Haz Environmental, who will be remaining with the business during a transition period as we work to integrate the company into the wider Red Industries Group.”
Adam Share, CEO of Red Industries described the purchase as complementary to the company’s activities
He continued: “The deal is another positive acquisition for the Red Industries Group – the business complements our existing waste management activities and further strengthens our position in the marketplace as leading waste management services providers.”
Director Steve Bell from the Castle Square Team led on the deal. He noted that: “Following on from funding the acquisition of ERG, HSBC further showed their support for the business by providing the funding necessary to complete this acquisition.”
Legal
Legal advice to Red was provided by Squire Patton Boggs: HSBC was advised on the legal aspects of the transaction by James Burdekin at Keebles LLP; with Due Diligence on the acquisition undertaken by Rob McCarthy and the team at RSM Corporate Finance. Haz Environmental was advised by Douglas-Jones Mercer solicitors.
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Source: letsrecycle.com Waste Managment
