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23rd March, 2021
Howes Percival is pleased to have advised on the sale of Leicester-based Eurokey Recycling to Telford-based Reconomy Group.
Founded in 1995, Eurokey provides commodity trading and reprocessing services to commercial customers in the UK and internationally, helping clients meet their demands for the supply of recycled material in manufacturing and production.
Reconomy is the UK-based leader in the provision of outsourced services to the waste management and environmental service sectors. With the addition of Eurokey, the Reconomy Group’s annualised turnover is in excess of £550m.
This was very much an all Midlands transaction. Eurokey was advised by Jahid Ali and Brigitta Naunton of Howes Percival from a legal perspective. Will Lodder and Shaf Bheda of Magma Corporate Finance led the corporate finance piece with supporting tax advice provided by Magma’s Jon Kicks. Reconomy received legal advice from Irwin Mitchell, Birmingham and financial DD and tax advice from KPMG Birmingham.
Reconomy’s CEO, Paul Cox, said
“We’re thrilled to announce the acquisition of Eurokey and welcome their team into the Reconomy family.”
John Dhillon, Managing Director of Eurokey, said
“We’re delighted to become part of the Reconomy Group. This deal represents an exciting step in the development of Eurokey with a company that mirrors our own values.”
“I would like to extend my thanks to Will, Shaf and the team at Magma Corporate Finance who, alongside Jahid at Howes Percival, guided us expertly through the transactional maze and helped to secure a strong succession for Eurokey. Both Magma and Howes Percival worked tirelessly, positively and proactively throughout and their support was invaluable.”
Jahid Ali (Corporate Partner at Howes Percival) commented:
“This is one of those deals you remember and talk about for a long time. I really enjoyed working with John and Belinder Dhillon on the sale of their brilliant business, Eurokey. The business has gone from strength to strength over the years and it’s no wonder there were a lot of interested parties. From Howes Percival’s perspective, it continues to highlight us as the go to team for owner managed businesses. We have the resource and expertise to deliver.”
Will Lodder (Partner at Magma Corporate Finance) commented:
“It has been a pleasure to support John and Eurokey on such a great transition. With such a great cultural fit between Reconomy and Eurokey, the business has an exciting period ahead”.
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