Greybull acquires Redeem

The deal follows a "scramble to secure new funding", according to one report by Sky News, and will enable the business to renew a contract it has with mobile phone operator O2.

Praesidian Capital Europe and Connection Capital invested £15m in Redeem in 2014. The transaction saw Praesidian investing £10m in growth capital and subordinated debt, with Connection Capital providing the balance.

According to a report by the Sunday Times at the time of the original investment, the business was considering a 2015 IPO that would have valued it at around £70m.

Company
Founded in 2011 and headquartered in Bathgate, West Lothian, Redeem is a mobile phone recycling and refurbishment company. The company generated a turnover of £62.3m in the year ending in March 2017, according to publicly available documents, with an operating profit of £520,000.

People
Greybull Capital – Marc Meyohas (managing partner).

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