A PRIVATE equity house has completed an investment in a leading waste management incinerator manufacturer based in Southport.
Inciner8 Ltd, based in Southport, Merseyside, was acquired by Chiltern Capital with support from a multi-million-pound lending facility from Shawbrook Bank in a deal that will enable the business to capitalise on its strong market position as well as grow its product range, service offering and global reach.
Inciner8 designs and manufactures incinerators for a range of uses across the waste management industry, supplying incinerators to corporate, government and non-governmental clients globally. Its products are often used to safely reduce the mass and disposal of hazardous waste that would otherwise end up in landfill. Its incinerators are environmentally friendly thanks to their ability to retain and reburn harmful exhaust gases.
David Butler, investment manager at Chiltern, said: “Speed, certainty and flexibility are three essentials we look for in any funding solution and Shawbrook expertly delivered on all three. We are investors in ambitious businesses and Shawbrook’s recognition of Inciner8’s potential made working with them the obvious choice.”
Mike Melia, managing director at Inciner8, added: “Following increasing demand for our waste management products and services from around the world, leading to predictions of ambitious growth in the next 12 months, we are delighted to announce completion of a management buy out by Chiltern Capital.
“Chiltern has taken a majority stake in the company and will play an active role in supporting our management team to continue building on Inciner8’s successful growth track record and reputation as a leading supplier of incinerators globally.
“This move will see us grow our business through new product lines and continued innovation, which will enable us to achieve our long-term goal of exporting products to all 195 countries around the world. Beyond this, we will be empowered to achieve even more ambitious milestones, and will continue to reinvest profits back into our people, our products and local economy, just as we always have.
“The completion of this process subsequently leads to the exit of our chairman, Vince Ferguson, who founded the business in 2003 and sees private equity chairman, Duncan Cooper, join our board.
“Our unprecedented growth means we will be making key hires across multiple divisions, including within our engineering, technical, sales and marketing teams to help us capitalise on the increasing demand and diversification of our globally-orientated market.
“Now is an extremely exciting time to be part of Inciner8, and we are pleased to be working in partnership with Chiltern Capital to achieve all of our aspirations and more.”