Elysian-backed Raymond Group sells RBWS

Katharine Hidalgo
23 October 2019

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Elysian Capital portfolio company Raymond Brown Minerals & Recycling (RBMR) has sold Raymond Brown Waste Solutions (RBWS) to Collard Group.

RBMR is an Elysian Capital II portfolio company. The fund closed on £250m in 2015. The proceeds from the sale will be used to invest in the expansion of the two remaining divisions of the portfolio company.

Unquote understands the division is EBITDA-positive. The management team associated with the business will stay with it following the transaction.

Collard hopes to expand its reach in the south using the target's sites. The combined business will employ more than 400 staff and generate a turnover in excess of £50m.

Previous funding
In 2016, Elysian acquired RBMR in a management buyout that saw the division separate from Raymond Brown Group. Four business units were then established within the business, one of which was RBWS.

Company
Founded in 1953 and headquartered in Chandlers Ford as part of the Raymond Brown group, RBWS provides regional waste management services via a network of material recovery facilities. The business operates three waste transfer stations in Didcot, Southampton and Andover. Collard will acquire all assets of Raymond Brown Waste Solutions including its skips and lorries.

People
Collard Group – Rob Collard (founder).
Raymond Brown Minerals & Recycling – Don Coates (CEO).

Advisers
Vendor – Quercus (corporate finance); CRS (legal); Grant Thornton (tax).
Acquirer – Menzies (corporate finance); HRS (legal).