The acquisition of Noventiz will help Reconomy achieve its aim of becoming a leading provider of compliance services to the circular economy
Reconomy, a UK-based provider of outsourced waste management and environmental compliance services, has agreed to acquire Noventiz Group of Companies from German PE house SEAFORT Advisors for an undisclosed sum.
Based in Cologne, Noventiz offers packaging compliance services for commercial customers in Germany.
Noventiz CEO Dirk Boxhammer said: “Noventiz is proud to become a member of the ambitious Reconomy family. This strengthens our position in the German market and offers a wide range of new national and international service opportunities for our clients.”
Established in 2007, Noventiz provides waste and packaging disposal services, including sales packaging, transport packaging, waste electrical and electronic equipment or batteries.
According to Noventiz, sales packaging generated by waste-producing sources that are considered equivalent to private households, including hospitals, garages, hotels or restaurants, can be collected and disposed of with lower cost through an industry solution.
Noventiz also operates several e-commerce platforms for the disposal industry.
The acquisition to help Reconomy to expand compliance services
The acquisition of Noventiz will allow Reconomy to expand its compliance division spearheaded by Valpak in the UK. It will also help Reconomy achieve its aim of becoming a leading provider of compliance services to the circular economy.
Reconomy CEO Paul Cox said: “The purchase of Noventiz is the start of an exciting new chapter for Reconomy as we establish ourselves in the European and International marketplace.
“Our vision is to add value to customers across the breadth of environmental services on a global scale, and Noventiz will provide an opportunity to build on the success we’ve experienced with packaging compliance, using their great expertise and knowledge of the German market.”
Subject to the approval of the German antitrust authorities, the deal is expected to be completed by the end of this month. Blackwood Capital Group served as M&A advisor to Reconomy.
In August this year, UK-based Bunzl signed an agreement to acquire Irish flexible packaging distributor Abco Kovex for an undisclosed sum.