Scottish mobile phone recycler Redeem has been acquired from the company’s founders in a management buy-in (MBI).
Scottish mobile phone recycler Redeem has been acquired from the company’s founders in a management buy-in (MBI).
The MBI is led by Curt Hopkins, who becomes CEO, and Pete Petrondas, who will take the role of COO. Financial details have not been disclosed.
Hopkins and Petrondas are investing in the deal from their personal resources, and they also have the backing of Trevor Bayley, one of the founding partners of private equity firm Hg Capital. Bayley is to become Redeem’s non-executive chairman.
The company’s turnover has doubled to more than £20 million over the past year, reflecting an expanding market for the recycling of phones and other electrical products, according to a statement from Redeem.
It began by recycling printer cartridges in 1999, and has since expanded both its range of services and geographical coverage, now employing 104 staff in Scotland, the Republic of Ireland, and Hong Kong.
The company now partners with organisations including O2, Boots and Sainsbury’s to offer customer recycling programmes, and also works with charities such as the RSPB and MacMillan.
