Close Brothers is pleased to announce its role advising EASCO Group, one of the UK's largest metal recycling groups, on its sale to SITA UK, part of Suez, the international industrial and services group.
EASCO was owned by Andre Serruys and his company SPC. EASCO processes and trades in ferrous and non-ferrous metals from 13 sites in the UK. 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.
Commenting on the sale to SITA UK, terms of which were undisclosed, Andre Serruys, said:
"This deal provides an excellent return for shareholders and marks a key milestone in the development of the EASCO Group. Close Brothers 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."
Andrew Cunningham, Head of the Advanced Manufacturing Group at Close Brothers commented:
"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."
For more information regarding this transaction, please contact Andrew Cunningham on +44 (0)20 7655 3127, Dafydd Evans on +44 (0)20 7655 3203 or Michelle Le Merre on +44 (0)20 7655 3152.