The phone and cartridge recycling group aims to launch a flotation as early as next year.
Redeem’s head office
Mobile Today reported on Redeem Holdings’ intention to launch a £70 million ($115 million/€89 million) stock market flotation in 2015 “after raising further funding” through acquisitions over the past year, with the company majority owned by venture capitalist Trevor Bayley, who has “followed a concerted acquisition strategy” since buying the company in 2011.
The company, which could list on the market “as early as next year”, secured £15 million ($24 million/€19 million) of new funding from UK investment company Connection Capital and US investment firm Praesidian Capital, with the funding set to be used “to fund expansion and acquisition plans”. Bayley stated that the aim of the flotation is to “raise the profile of the company and additional funding”, but added that “we haven’t decided if we will float as yet”.
The business is already active across Europe, the Middle East, Asia, and the Americas, with offices in the UK, Estonia, Sweden, the UAE and Hong Kong, and Bayley told the site that the company “wants to continue to expand globally […] we recently opened facilities in Dubai and we plan to open in Germany and North America as well”.
The Recycler reported earlier this year on Redeem’s acquisition of mobile phone recycler Eazyfone Ltd, which trades as Envirofone, as well as its dual acquistions of Spanish companies Eco Mobile GreenCentre and Insitu Moviles SL; with the company named the fastest growing recycling company in the UK in 2012.