Redeem taken over in management buy in

Founders bought out at recycling company

Mobile phone recycling firm Redeem has been taken over in a management buy-in for an undisclosed sum.

Curt Hopkins and Pete Petrondas take on the roles of chief executive officer and chief operating officer.

They have invested in the deal and been backed by Trevor Bayley, a founding partner of HgCapital, who becomes non-executive chairman at the Falkirk company.

It means founders Jamie Rae and David McCabe will step aside.

Rae said: "Now is a very exciting time for Redeem, and the wealth of knowledge and experience that Curt and Pete both bring will allow them to drive the business to achieve its ambition to become Europes leading value recycler.

"David and I, as founders of the business, wish them every success for the future.

Hopkins, former managing director of Vodafone business services. confirmed Redeem would be looking to expand its recycling efforts to include more smartphones and tablet computers in the future.

He added: "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 Europes leading value recycler with the vision of making corporate social responsibility easy."

The buyers were advised by HMT Corporate Finance, Eversheds, Johnston Carmichael, Beanstalk Management, Taylor Wessing.

The sellers were advised by Ascendant and WJM.

Redeem employs more than 100 people at sites in Falkirk, the Republic of Ireland and Hong Kong.

It has a turnover of more than £20 million.

Business 7