Background
• EASCO Group, one of the UK's largest metal recycling groups, engages in the process of metal recycling from 13 sites in the UK. The company also exports ferrous and non ferrous finished product to steelworks, foundries, and consumers in Europe, The Far East, India, and the United States. Easco serves manufacturing, automotive, demolition, utilities, vehicle dismantlers, ship breaking, and rail industries.
• Over the last three years EASCO has more than doubled its turnover to reach an estimated £90 million for the year ending April 2007. In 2006 it recycled over 512,000 tonnes of material.
Process & Outcome
• In May 2007 Close Brothers Corporate Finance announced its role advising EASCO on its sale to SITA UK, part of Suez, the international industrial and services group. The terms of the transaction were not disclosed.
Testimonial
"This deal provides an excellent return for shareholders and marks a key milestone in the development of the EASCO Group. Close Brothers Corporate Finance planned and delivered a highly effective and well thought through process. Their understanding of the industry dynamics and attention to detail ensured we were in safe hands at each stage."
Andre Serruys, CEO of EASCO
"Metal recycling represents a significant growth sector benefiting from a number of positive drivers, including more stringent regulation and a worldwide increase in end-user demand. The benefits of scale are critical to compete effectively in this dynamic sector and we look forward to our continued involvement in the future consolidation."
Andrew Cunningham, a Managing Director at Close Brothers Corporate Finance
For more information regarding this transaction, please contact Andrew Cunningham on
+44 (0)20 7655 3127