Private equity firm Growth Capital Partners (GCP) has completed an investment in London-based recycling company First Mile, which the company says will fund growth across the UK.
GCP said it is investing alongside First Mile’s management team who will continue to lead the business post-completion.
And, the company said the investment is to deliver the First Mile’s growth plan, underpinned by investment in infrastructure and operations to ensure “high service levels” to new and existing customers.
First Mile was founded in 2004 by chief executive Bruce Bratley and offers recycling services to the business sector in London, as well as having an operation in Birmingham. The company is targeting growth outside of the capital as a result of the investment.
GCP said the investment comes during a crucial time for the UK environment sector as last year’s referendum presents “many opportunities” for the UK to become a leader on environmental issues and technology.
Bruce Bratley, chief executive and founder of First Mile said: “At First Mile, we are committed to delivering the highest quality service to all of our customers. We believe that GCP will be the perfect partner to help us deliver higher recycling rates, attract new customers and ultimately help businesses of all sizes to become planet savers.
“We want to dominate our core London territories and continue expanding to regional towns and cities across the UK. We will also keep enhancing our technology so that our vision of being able to recycle everything becomes a reality. We look forward to working with GCP to enjoy continued growth and to achieve these goals in the near future.”
Kirsty McDonald, Partner at GCP commented: “The First Mile customer offering – which includes low cost and straightforward services, great customer care and the ability to recycle – is clearly differentiated in the market and as a customer ourselves, we’ve always valued First Mile’s clear proposition. The opportunity to partner with such a passionate, energetic and successful team is hugely exciting and we’re delighted to be working with them in continuing to grow the business.”
First Mile was awarded Recycling Business of the Year at the prestigious Awards for Excellence in Recycling and Waste Management in 2012, organised by letsrecycle.com (see letsrecycle.com story).