ERJ staff report (TP)
Munich − Serafin private equity group has purchased UK rubber recycling companies Charles Lawrence International (CLI) and Playtop Licensing, reported Recycling International.
CLI recycles rubber and steel from end-of-life commercial vehicle tires and also manufactures rubber recycling equipment. Playtop produces impact-absorbing playground surfacing.
Serafin says it will be able to boost both UK companies by "opening up new growth perspectives". In line with its corporate strategy to explore the potential of all the players in its portfolio, Serafin plans to sharpen its focus on the flooring sector.
Current CEO and company founder Charles Lawrence now plans to retire after running the companies for 52 years. He is "confident" that the transaction "will be a good one for employees and customers alike". Praising the "invaluable" expertise and experience of Serafin, he adds that his long-time colleagues Nigel Allen and Richard Hills will become, respectively, the new managing director and chief financial officer.
Serafin was founded in 2010 and is based in Munich.
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Full story from Recycling International