Malmesbury-based recycling specialist Futur has been acquired by Spanish group SAICA for an undisclosed sum.
Futur was founded in 1994 by sales director Tim Bostwick and managing director Simon Dymoke with the aim of bringing a European model of waste management through partnership to the UK.
It has since grown a wide customer base by focusing on large-scale waste producers particularly in the distribution, retail and food manufacturing sectors.
The firm said it will remain at its Malmesbury base with SAICA retaining and extending the existing management team to head up its UK operations in paper recovery and integrated waste management.
The deal is the latest by SAICA, a €2.2bn turnover, family-owned paper company, in the UK. The group’s strategy is to have a major presence in the paper industry with strong integration between paper manufacturing, corrugated packaging and recovery.
The Futur acquisition is its first investment in the recovery sector.
Mr Dymoke said: “At Futur we are very proud of the reputation we have built within the UK recycling industry as evidenced by our loyal blue-chip client base. Our year-on-year growth has been based on continual development of our service offering and being part of SAICA’s exciting plans for the UK presents exciting opportunities both for Futur and our customers.”
Mr Bostwick added: “This is the perfect long-term home for Futur. There is a good fit with SAICA, both culturally and strategically and the team is looking forward to explaining the benefits to our customers both new and existing.”
In 2008 SAICA acquired SCA’s 18 corrugated packaging facilities in the UK and Ireland and earlier in 2010 construction began on a £290m paper mill in Manchester which is due to start production in March 2012.
SAICA, founded more than 70 years ago, is now market leader in Spain and operates in six European countries.
