Leeds-based Ailsa3 took a 76% stake in the Credential Environmental Group, which operates a number of sites across the UK just before Easter. Credential has said that the injection of capital from Ailsa3 would help it to achieve its ambition of aggressive growth through acquisition.
” We are currently in the final stages of negotiation for our first acquisition under the new regime and I hope to be able to make an announcement in the next few weeks “
– Mike Jordan
The company is already working on its first acquisition since the takeover. Mike Jordan, Credential Environmental, said: “Over the past five years Credential has grown from a cold-start to its current day 14 million turnover. We have looked long and hard to find an investment partner that was able to support our ambitious expansion plans.
“Ailsa3 Ventures have committed to a long-term relationship with Credential and we are very excited at the prospect of having the necessary funding in place to realise those plans. We are currently in the final stages of negotiation for our first acquisition under the new regime and I hope to be able to make an announcement in the next few weeks.”
Credential Environmental collects and recycles used tyres as well as managing specialist automotive waste such as brake fluids, batteries, oils, catalytic converters and the treatment and transfer of other hazardous wastes.
Ailsa3 also acquired Credential Environmental's two subsidiary companies Waste Tyre Solutions and Automotive Waste Solutions.
Pleased
Mr Jordan will remain in control with the support of the current management team. Andy Hinton and Nick Wyatt, the entrepreneurs behind Ailsa3, will become non-executive board directors.
Commenting on the takeover, Mr Hinton said: “The management has grown Credential into a very solid specialist business and we are very pleased to help build the company further. Using the skills and technology that already exists within the business, we intend to create a wider waste management services group.”
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