Recresco, a global glass recycling business, has been acquired by BA Glass, a global glass packaging producer.
Portugal-based BA Glass is the fourth largest glass packaging producer in the world, with a turnover of c. €1.6bn, 5,000 employees and operating fourteen glass plants in Portugal (3), Spain (2), Germany (1), Poland (2), Bulgaria (2), Romania (1), Greece (1) and Mexico (2) and 2 glass recycling plants in Iberia. Furthermore, BA Glass recently announced the agreement to acquire CP Glass Operations in Poland
Recresco, is a specialist glass recycling business with operations in the UK and abroad. The business is owned and managed by the Devon-based Gent family, with glass recycling plants based in Ellesmere Port and Cwmbran.
This transaction represents the association of a leading glass packaging manufacturer, with a glass recycling operation managed by a team with several decades of proved experience.
With this acquisition, BA Glass reinforces its commitment to the mitigation of the climate change through the reduction of its CO2 footprint, and the further development of a circular economy. The incorporation of Recresco opens the possibility to develop the wider group’s current recycling operations, supported by the extensive knowledge of Recresco’s management team.
Sandra Santos, CEO of BA Glass commented: “The acquisition of Recresco is an extremely valuable opportunity to access high-quality recycled glass, representing a significant step towards our goal of reducing 50% of CO2 emissions by 2035. Incorporating a higher % of recycled glass in our products, will allow us to be nearer to close the glass loop and make the glass the most sustainable packaging material in the world.”
Tim Gent, Recresco’s General Manager pointed out that “partnering with BA represents a unique opportunity for our team to participate actively in future recycling projects in other geographies, where BA Glass has its operations, leveraging our know-how and experience in the recycling of glass”.
Recresco were advised by corporate finance specialists, Isca Ventures LLP, with legal support from Ashfords. BA Glass were advised by AFRY Capital, with legal support from Bird&Bird.
“The partner team at Isca Ventures have been a trusted source of corporate advice over the years. The team delivered an excellent result for the shareholders through their commercial approach to the negotiation process and a laser focus on the areas which mattered to our shareholders. As a result of their support the sales process was an enjoyable experience. I would highly recommend Isca Ventures to any business owners considering a sale of their business and we hold their team in the highest regard.” said Graham Gent, Chairman Recresco
“We have worked collaboratively with the Recresco shareholders for many years. It has been fantastic to see the management team grow Recresco into a highly profitable business and develop into one of the UK’s leading glass recycling operations. It was a pleasure to work with the shareholders to deliver this company sale. We have no doubt BA Glass is the right partner to enable Recresco to build on the success in the UK and participate actively in recycling projects in other geographies.” said David Bird, Partner, Isca Ventures LLP.