Praesidian and Connection pump £15m into Redeem

The transaction saw Praesidian – a debt investor that recently launched its first European-fund targeting €200m – investing £10m in growth capital and subordinated debt. Connection Capital, the private client investment syndicate, provided the balance.

The fresh capital will be used to support both organic and acquisitive growth ahead of a possible IPO next year.

Company
Redeem specialises in recycling mobile and electronic products. The company is expected to generate revenues of £90m this year.

Redeem is headquartered in Bathgate, West Lothian, and operates in 23 countries with further offices in Madrid, Sweden, Estonia, Dubai and Hong Kong.

The company sources used mobile phones through mobile network operators, directly from consumers and directly from businesses. The majority of devices (95%) are refurbished and sold to European phone retailers and insurance companies, as well as into developing countries. The remaining 5% are recycled.

People
HgCapital founding partner Trevor Bayley is chairman of Redeem. Claes Svensson is CEO of the company.

Julian Carr and Claire Madden are partners at Connection Capital. Jason Drattell is a founder of Praesidian and Anthony Brennan is a partner.

Advisers
Equity – Gateley (Legal).
Company – HMT (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom