Enicor
Adviser to leading metals broker, Enicor, on the acquisition of established metals recycling operator, Peterborough Metals Recycling.

The deal
Our Corporate Finance team has advised Enicor on the acquisition of Peterborough Metals Recycling.
Enicor is owned by James Bowers and supports clients across Europe, including foundries, industrial plants, mining and metals companies. The firm advises owners and management teams on growth and risk management strategies and also shipped over half a million tonnes of scrap metal on its own chartered vessels in 2022. Following the integration of PMR into its business, it now has the ability to process more than 100,000 tons of inbound material a year.
Our Corporate Finance team led by Director Sinead Johnson led the transaction from start to finish helping to bring together the multiple work streams required to bring the transaction to a successful conclusion which involved sourcing Harwood Private Capital as the preferred funding and managing the financial and commercial due diligence exercises.
Sinead Johnson, FRP Corporate Finance Director said: “The synergy between the two organisations and the potential for future growth has been a driving factor in this deal from the outset.
“The mix of debt and private equity finance, the involvement of different entities and the plans for full integration of the businesses has been complex in nature. The pragmatic and collaborative approach adopted by all parties has created a major player in an industry that is undergoing major change and is pivotal to the growth and decarbonisation aspirations of governments and companies across the globe.”
James Bowers, CEO of Enicor said: “The acquisition of PMR is the next key step towards an ambitious growth plan for Enicor.
“Having someone with the experience of Tom Bird, an industry veteran with over 30 years in the metal recycling sector, investing and taking an active role in the business is fantastic. Bringing private equity investment into the equation, allows for an unrivalled and aggressive buy and build strategy. PMR will be the first of many acquisitions and we are already working on number two.
“PMR has a long heritage and is widely known across the UK metal recycling market with an excellent reputation. As a business it also an established processor of secondary metals with a state-of-the-art infrastructure allowing Enicor to move from solely being a ‘trader’ to operating physical processing sites. We are excited about the merger of these two strong businesses, incorporating the outstanding and experienced PMR staff with the existing Enicor team. It is going to be an exciting period in the company’s history.”
Jonathan Wheeler, who led the deal for Harwood Private Capital, said; “The combination of a leading metals broker with an established metals recycling operator creates a vertically integrated platform from which to create an ESG-focused, metal recycling business of scale.
“I look forward to working with Tom and James to integrate and drive the business forward, both organically and through acquisition and would like to thank the Cardiff team, our lawyers, Gateley PLC and PKF Francis Clark who provided the financial due diligence.”

Deal summary
Date:
July 2022
Sector:
Industrials & Manufacturing
Deal type:
Buying a business
Deal size:
Undisclosed
The synergy between the two organisations and the potential for future growth has been a driving factor in this deal from the outset.Sinead Johnson Corporate Finance
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