Private Venture Capital Company Acquires Credential
Credential Environmental Limited, one of the UK’s leading automotive waste collector/reprocessors, has been acquired by private venture capital company Ailsa3 Ventures. The Leeds based investment company has taken a 76 per cent stake in Credential, with management retaining the balance of the equity. Nigel Taunt, managing director of Impax Capital structured the deal.
CEL managing director Mike Jordan will remain in control, supported by the current management team. Andy Hinton and Nick Wyatt, the entrepreneurs behind Ailsa3, will become non-executive board directors.
“This complex and exciting deal has taken some months to construct and I believe that Credential has found an ideal investment partner in Ailsa for our next stage of corporate growth. Over the past five years, Credential has grown from a cold-start to its current day £14 million turnover and I feel that we are now ideally poised to continue this impressive growth,” Mike Jordan commented.
CEL is the second waste tyre collector recycler/reprocessor to change hands in recent months. Earlier this year, REG UK announced that it had been bought by Vellco Tyre Control.