Kirkby-based hazardous waste management specialist Future Industrial Services (FIS) has been taken over in a management buyout from its parent company, the Irish firm One51 Plc, in a deal worth £16 million.
The company whose clients are reported to include public authorities, major utility and multi-national companies provides services including waste management, industrial cleaning, emergency spillage response and decommissioning.
Future Industrial Services operates from eight sites around the UK
FIS had also operated as part of ClearCircle UK – belonging to the ClearCircle Environmental Group – which had been owned by One51 in Ireland.
One51 is predominantly known for specialising in plastics moulding, owning a portfolio of businesses which includes the wheeled bin manufacturer MGB Plastics and Straight Plc which it bought in 2014 (see letsrecycle.com story). The company is seeking to focus on the continued development of its global plastics business, it has stated.
Buyout
The buyout from One51 was led by FIS chief executive David Lusher – formerly of WasteCare and Veolia – and chief finance officer Scott Dunning, with backing from the investment firm NorthEdge Capital.
George Potts and Andy Ball of NorthEdge will sit on the board in a non-executive capacity following the buyout.
NorthEdge’s investment will enable the company to invest in standalone, market-leading IT systems and environmental, health and safety compliance, the company has said. The company also has plans to grow through increased investment in modern fleet, plant, equipment and machinery.
FIS
Founded in 1999, FIS operates a 75-strong fleet of vehicles and owns articulated vacuum tankers able to carry a wide range of products.
Operating from eight sites across the UK at Berwick, Kirkby, Rugby, Newport, Portsmouth, Honiton and Plymouth, the company has a workforce of over 275 employees and reported a turnover of £24m in the 12 months to 31 December 2016.
“We are delighted to have concluded the MBO from One51 PLC with funding from NorthEdge, who have been very supportive throughout the process. All acquisitions made by the business over the last 12 months are now fully integrated and performing well and FIS can now offer services to industrial customers on a national scale.”
David Lusher
Future Industrial Services
Commenting on the takeover, Mr Lusher said: “We are delighted to have concluded the MBO from One51 PLC with funding from NorthEdge, who have been very supportive throughout the process. All acquisitions made by the business over the last 12 months are now fully integrated and performing well and FIS can now offer services to industrial customers on a national scale.
“NorthEdge and management have a shared vision for the business over the coming years and with this renewed focus we will work tirelessly to ensure that FIS achieves its full potential.”
Mr Stenton, added: “FIS is recognised by its customers as a best-in-class service provider, delivering safety, quality and compliance in their work. We become stakeholders in FIS following an extensive capex program and look forward to further investing in flexible fleet and plant.
“David and Scott have managed the buy-out superbly and we are excited to support both of them and the wider team at FIS in delivering on their strategic ambitions.”
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Source: letsrecycle.com Waste Managment
