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Reconomy, the Shropshire-based outsourced waste management and environmental compliance services provider, is aiming to enter the international market by buying the German Noventiz Group of companies.
The Telford company has signed a deal to acquire the group from German private equity firm Seafort Advisors for an undisclosed price. Noventiz, founded in 2007 in Cologne, provides packaging compliance services for commercial customers in Germany.
The deal marks a crucial milestone in Reconomy’s growth strategy and is its first overseas acquisition. It also expands Reconomy’s compliance division, spearheaded by Valpak in the UK, and is a key move towards the group’s ambition to be the foremost global provider of services to the circular economy.
Paul Cox, Reconomy’s CEO, said: “Our vision is to add value to customers across the breadth of environmental services on a global scale, and Noventiz will provide an opportunity to build on the success we’ve experienced with packaging compliance, using their great expertise and knowledge of the German market. As we all know, this has been a challenging year, but Reconomy has remained committed to our growth ambitions and I’m delighted to be concluding 2020 with this very positive development.”
Dirk Boxhammer, CEO of Noventiz, said: “Noventiz is proud to become a member of the ambitious Reconomy family. This strengthens our position in the German market and offers a wide range of new national and international service opportunities for our clients.”
Seafort Advisors said: “With the sale to Reconomy, Seafort Advisors again underlines its strategy to internationalise its businesses to become attractive for international strategic players.”
Blackwood Capital Group acted as adviser to Reconomy during the acquisition. The transaction remains subject to the approval of the German antitrust authorities (Bundeskartellamt) but is expected to be finalised by the end of this month.