Recycling company bags €10.8 million

Private equity firm WHEB Ventures has invested €10.8 million (£9 million) in the recycling company Friedola TECH.

Germany-based Friedola is a recycled plastics processing business. Its products consist of up to 80 per cent recycled materials, and are mainly used in the automotive and logistics industries.

Friedola’s main product is CON-Pearl, a lightweight board made of polypropylene, which is used to make automotive components such as floor boards for light commercial vehicles.

Christoph Holzapfel, CEO of Friedola, said: ‘We look forward to working with [WHEB] as we increase our production capacity, address international markets more aggressively and develop more applications for our products.’

WHEB Ventures has offices in London and Munich, and has two cleantech venture capital funds with total commitments of £130 million. The firm is supported by the European Union through the Competitiveness and Innovation Framework Programme.

This deal is WHEB’s third German investment in six months.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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