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Recycling Lives accelerates growth plans by acquiring John R Adam and Sons Ltd with Three Hills’ support

13 July 2022 Portfolio Insights

Three Hills Capital Partners (“THCP”) is pleased to announce that portfolio company Recycling Lives has acquired John R Adam and Sons Ltd (“JRA&S”), a Glasgow-based recycler and exporter of ferrous and non-ferrous metals. Current Managing Director, Jake Adam, will continue to run the operation but as part of the Recycling Lives Group (“the Group”), which is now expected to reach £300 million of turnover with over 550 staff.

Founded in 2008 with social value at its core, Recycling Lives continues to expand and lead the charge in the next wave of circular economy businesses. The company has built a reputation in recent years for environmental innovation in recycling through several ground-breaking developments, such as the recent pilot of a pioneering process that diverts automotive shredder waste away from landfill, instead using it to create green energy to power its plants. This accretive bolt-on further enhances Recycling Lives’ status in the sector and sends a clear message on its growth expectations.  

JRA&S is capable of processing 600 metric tonnes of steel a day and can load vessels with up to 4,000 tonnes of recycled metal at its deep-water berth. Situated in Glasgow’s King George V Dock, the acquisition will take the Group’s geographical footprint to 23 locations across the UK. This will provide further geographic diversification for Recycling Lives, as well provide greater access to the export market due to JRA&S’s port location, allowing for higher margin bulk shipping. It will also increase Recycling Lives’ network of facilities, in turn increasing volume, while several large-scale operational synergies will drive profitability at group level. Post-acquisition, the Group is planning substantial investment, which will see a new plant and equipment installed in Scotland to increase capacity and create additional jobs.

Leks de Boer, Partner and THCP Investment Committee member, commented:

The complementary nature of the two businesses will allow both Recycling Lives and JRA&S to take advantage of each other’s respective customer bases and operations, making the acquisition a strategic fit. In addition, JRA&S has a strong social and environmental ethos, which is a key pillar of Recycling Lives’ business model. The acquisition will allow Recycling Lives to further unlock its growth potential, helping cement its position as a market leader in the UK.

Leks de Boer, Partner and THCP Investment Committee member

Andrew Hodgson, Executive Chairman of Recycling Lives, said:

This acquisition fits into our longer-term plans of being a world leading circular economy business. This includes increasing high-grade quality recycled feedstock to produce more green steel through our world class processes, which dovetails with Scottish government policy.

Andrew Hodgson, Executive Chairman of Recycling Lives

Jake Adam, Managing Director at Recycling Lives, said:

The parallels between our two companies makes this a great fit.  When you look at what we do, the culture and the importance that community has to both businesses, it’s clear just how complimentary our companies are.

Jake Adam, Managing Director at Recycling Lives

Recycling Lives was supported by:

CMS for legal advice
PWC for finance, tax and commercial due diligence support

John R Adam and Sons Ltd was advised by:

Johnson Carmichael for financial advice
Anderson Strathern for legal advice

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