Acumen Waste Services has undergone a Management Buyout (MBO) for an undisclosed sum, resulting in the formation of a new company, Acumen Group Holdings.
The move means the West Yorkshire-based waste management company’s existing executive board will take full control of the business with Jon Morris becoming non-executive chairman.
The deal allows the planned retirement of shareholders Ian Wray and Mark Tankard, a company statement said.
Also retiring from the board, Tony Brittain will continue with his senior role in the Acumen business.
Commenting on the deal, Jon Morris, non-executive chairman, said: “This MBO represents the next phase in the growth of the Acumen business.”
He added: “The MBO team has worked together for over five years, during which time we have delivered significant and sustainable growth. This has included the acquisition and successful integration of Highspeed Group in West Yorkshire, and establishing our facilities in North Yorkshire such as our waste treatment and recovery park at Escrick, and, more recently, our liquid waste treatment facility at Rufforth.”
The MBO was funded by Barclays, Lombard Asset Finance as well as through private investment. A team of Yorkshire advisers also supported the transaction.
Jonathan Simms of Clarion, who were part of the advising team in the transaction, says the deal enables the company to take full advantage of opportunities for expansion.
“Acumen is one of the best known names in the waste management sector, having achieved impressive growth and diversification With the business flourishing, now is a perfect time for the MBO, allowing the executive board to take advantage of further opportunities for expansion.”
Acumen describes itself on its website as “a leading provider of Industrial Site Services and Waste Management Solutions”.
It has offices and waste facilities in Keighley, York, Stockton on Tees, Immingham and Wolverhampton.
The news comes around 10 months after the company opened an operational centre in Immingham, North East Lincolnshire (see letsrecycle.com story).
Acumen opens operational centre in NE Lincolnshire