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Wells Plastics undergoes equity-backed management buyout
UK-based additive masterbatch manufacturer Wells Plastics has changed hands in management buyout with funding Key Capital Partners (KCP), which will have a "significant minority stake" in the business. KCP has invested £3.8 million in equity in the Staffordshire-based Wells Plastics, with senior debt facilities from National Westminster Bank Plc (Natwest) as well as an additional investment from the incoming executive chairman, Paul Richardson.
February 18, 2011
1 Min Read
Richardson will join Wells Plastics as its sales and marketing director, with KCP partner, Andy Gregory, also joining the board as a non-executive director, while former Wells managing director, David Nelson, will retain a role at the company, as will technical manager, Andrew Barclay, and sales manager, Carl Birch.
Wells Plastics manufactures a variety of additive masterbatches, including antistatic, antioxidant, antimicrobial, biodegradable, and flame retardant products. The company has enjoyed 20% annual growth according to KCP, with that figure driven in large part by its oxobiodegradable product, Reverte, which is used to accelerate the natural degradation process of plastic into water, carbon dioxide, and biomass. Reverte has found particular success as an additive for plastic bags.
KCP said in a release that its investment will enable Wells to exploit the growth opportunities for Reverte, with a particular focus on the Middle East, Africa, and South America. Wells Plastics was incorporated on June 7, 1984.
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