UK law firm Ashfords has advised the owners of one of the UK's largest glass recycling companies, Recresco, on the sale of the company to multinational glass manufacturer, BA Glass group.
Recresco has been at the forefront of modern glass recycling as the first recycling company to sort glass by colour and the first to recycle glass sourced from materials recycling facilities. The sale of the company will enable the use of Recresco’s leading glass recycling know how and experience across Europe as well as increase the amount of high quality recycled glass used in BA Glass products.
Lead adviser on the transaction, Kim Hawkins, said “this is an exciting transaction because it will ultimately help drive growth in the use of high quality recycled glass materials at a global level. It was a deal with many moving parts but, with a pragmatic team approach, it sets up a successful road forward for Recresco and BA Glass Group from both a commercial and sustainability perspective.”
Graham Gent, one of the key outgoing owners at Recresco, said: “The recent sale of the Recresco shares to BA Vidro marked the culmination of many years of investment in time and resources by the family. However, the successful share sale required diligence and attention to detail of an entirely different kind. The complex sales and purchase agreement would not have completed without the able assistance of a team of advisors over a number of disciplines.
The various contributors were expertly coordinated by Kim Hawkins and the ‘in house’ team at Ashfords. The whole support group at Ashfords ensured a virtually stress and pain free experience for shareholders. The expert advice was delivered in a concise and timely manner delivering completion and earning praise from both buyers and sellers.”
Kim Hawkins led the Ashfords team advising on the deal, with further corporate support from associate Scarlett Cater and solicitors Rebecca French and Elisha Feeney. Angus Bauer led on tax advice, Ed Hobbs on banking and finance, Su Apps on employment and Hannah Pettit on data. Commercial advice was led by energy and resource management head Brian Farrell with Jonathan Croley. Further specialist advice came from regulatory head Ian Manners, with real estate advice from Mark Forsey and trusts and estates advice from Sarah Mansbridge.
This Recresco deal follows a number of successful deals on which the Ashfords’ energy and resource management team has advised, including the £4.2bn sale of Viridor Waste Management to KKR and the acquisition of Bristol Water by Pennon Group. The team is recognised in the Legal 500 rankings – the independent guide to the legal sector, with Brian Farrell who leads the team listed as a leading individual.
For more information, please contact the energy and resource management team.
