Oil recycling specialist Re:Group has been bought out by one of the UK’s leading hazardous waste management companies.
Slicker Recycling has acquired the Hull-based company in an undisclosed deal, as it increases its footprint in the sector.
The West Midlands headquartered operator is the UK’s largest collector and processor of used waste lubricating oil and provides total waste management solutions to an extensive customer base. It has a turnover of £30 million, double that of the business it has bought-out.
RE:Group, which employs around 50 staff across the dual site in Air Street and Bankside, provides waste oil collection and processing, industrial services and advanced fuel manufacturing. It also operates further storage facilities across the River Hull in Ann Watson Street.
Managing director Paul Waine, who started the company in 1996, said: “Slicker Recycling has in recent years invested significantly more in this sector than anyone else, so the chance to integrate RE:Group and play a part in the continued growth story is a fantastic opportunity.”
Mr Waine is to remain with the business and has joined the board of Greenbottle, Slicker’s parent company.
Mark Olpin, managing director of Slicker, a company operating on roughly double the said: “The acquisition of RE:Group is an excellent strategic fit, increasing our UK storage capacity, geographic reach, additional export options, innovative process capabilities and new products and services to offer our customers.
“RE:Group is a solid well-run business and we are extremely excited by the opportunities this acquisition provides.”
It is the fourth acquisition in as many years for Slicker. Last year, it also co-invested in a Danish 100,000 tonne per annum oil re-refinery, through Greenbottle.
The 200-strong company has its head office and processing plant in Stourport, Worcester, with a network of transfer stations from Exeter to Kilmarnock.
“Together with the investment in the Danish re-refinery, it shows both the level of support and ambition the shareholders have for the business,” Mr Olpin added.