Deal Takes Reconomy’s Turnover To Over £550m
Irwin Mitchell’s Corporate team has advised Reconomy, the UK-based leader in the provision of outsourced services to the waste management and environmental service sectors, on its acquisition of Eurokey Recycling Ltd.
The deal will add further capability to Reconomy’s service offering and help it move towards its ambition of being a global leader in the provision of services to the circular economy.
With the addition of Eurokey, the Reconomy Group’s annualised turnover is in excess of £550m.
Based in Leicester and founded in 1995, Eurokey provides commodity trading and reprocessing services to commercial customers in the UK and internationally, helping clients to meet their demands for the supply of recycled material in manufacturing and production.
Emma Callow and Matt Smith from Irwin Mitchell’s Corporate team advised Reconomy on the deal.
Matt Smith said: “We are delighted to advise Reconomy on another significant deal. Eurokey adds to Reconomy’s capability and its offering to customers here in the UK and also globally.”
Paul Cox, Reconomy’s CEO, said: “We’re thrilled to announce the acquisition of Eurokey and welcome their team into the Reconomy family. The business has a great track record of success and brings considerable expertise and additional capabilities into the group. We will now be able to support even more of the requirements of our core UK customers and also scale up as part of our ambitious international expansion plans. I’m sure that with our shared focus on providing great customer service and delivering operational excellence through technology, Reconomy and Eurokey are going to make a big impact on driving the circular economy.”
John Dhillon, managing director of Eurokey, added: “We’re delighted to become part of the Reconomy Group and this deal represents an exciting step in the development of Eurokey with a company that mirrors our own values. With exciting projects already planned for 2021/2022, which will revolutionise the industry, being part of the Reconomy Group allows us to drive these plans even further forward. We’re looking forward to delivering a joint vision and strategic approach, which comes with being part of a dynamic company who share the same goals for the circular economy.”