Scottish recycler Redeem acquired in management buyout from original founders for undisclosed fee
Mobile phone recycler Redeem has been acquired from the organisation’s founders, Jamie Rae and David McCabe, by an incoming management team.
The management buy-in has been led by Curt Hopkins, formerly managing director of Vodafone Business Services, and Pete Petrondas, former chief executive of Eazyfone and Envirofone.
They have assumed the roles of chief executive officer and chief operating officer respectively.
Hopkins and Petrondas have invested in the acquisition of Redeem with backing from private equity investor Trevor Bayley, a founding partners of HgCapital.
Bayley becomes chairman.
Hopkins said: “Redeem is well positioned as a leading recycler of consumer electronics and print cartridges and it is a privilege to acquire such a strong and fast growing business in an expanding marketplace. Our aim is to create Europe’s leading value recycler with the vision of making corporate social responsibility easy.”
Petrondas said: “We are delighted to complete the acquisition and look forward to building on the value Jamie Rae and David McCabe have created since founding the business in 1999.
“We are pleased to have Trevor Bayley as our financial partner. He supports our strategy, understands the sector and is committed to helping us achieve Redeem’s substantial growth potential – both organically and through further acquisitions.”
Rae said: “The business has achieved significant success in terms of growth and its commitment to environmental and social responsibility.
“The wealth of knowledge and experience Curt and Pete bring will allow them to drive the business to achieve its ambition to be Europe’s leading value recycler.”
Redeem, established in 1999, will retain its headquarters in Falkirk.
It works with operators and retailers in the UK and Ireland, including O2 and Boots.