The chief executive officer and chief operating officer of waste fuel specialist Geminor have bought out their Danish partner Gemidan for an undisclosed fee to secure 100% ownership of the business.
After acquiring the Danish company’s 36.4% stake, Geminor Invest AS, a holding company controlled by CEO Kjetil Vikingstad and COO Ralf Schöpwinkel, now holds all shares in Geminor, which includes ownership of its international subsidiaries.
Originally conceived as the vehicle for the delivery of Gemidan’s core services in the Norwegian market, Geminor was established in 1994.
Mr Vikingstad said: “After many years of good cooperation, we finally part with our co-owner Gemidan.
“For a long time, we have wanted to acquire all the shares in Geminor AS in order to control the company’s further development in Europe.
“The ambition is to build the company further as a leading international player within the material recycling and energy recovery markets.
“This is a considerable and long-term investment”
“This is a considerable and long-term investment, and we believe this is the right step to take for us, our employees and our business partners.”
Mr Vikingstad told letsrecycle.com his acquisition of the business should have no direct impact on Geminor’s operations in the UK, which would continue to be as important as those in the rest of Europe.
With headquarters in the island of Karmøy, Norway, Geminor says it has an annual turnover of approximately €118 million.
The company says it manages more than 1.4 million tonnes of material every year. It opened a permanent UK office in 2012.
Norwegians Mr Vikingstad and Mr Schöpwinkel were appointed to their respective current roles in January 2018 (see letsrecycle.com story).
In January, Geminor applied for an environmental permit for a 150,000 tonnes per year capacity materials recycling facility in Hull (see letsrecycle.com story).