Wheelabrator Group announce new owner to back expansion into growth markets

Citation

(2006), "Wheelabrator Group announce new owner to back expansion into growth markets", Anti-Corrosion Methods and Materials, Vol. 53 No. 3. https://doi.org/10.1108/acmm.2006.12853cab.007

Wheelabrator Group announce new owner to back expansion into growth markets

Wheelabrator Group announce new owner to back expansion into growth markets

The world’s leading surface preparation and finishing equipment specialist Wheelabrator Group is pleased to announce new ownership. Mid Europa Partners (MEP), through its Emerging Europe Convergence Fund II, L.P. has completed the acquisition of all outstanding WG equity from an investment group led by Bard & Company.

“This is a major milestone in our development,” commented Robert E. Joyce Jr, Chief Executive Officer, Wheelabrator Group. “Central Europe has a key role in our growth strategy and MEP brings to the Group investment and geographical expertise in the market segments we have targeted in the region. In line with this strategy we are significantly increasing our main manufacturing activities in Poland, to further strengthen our position in these markets. Central Europe is also at the very heart of MEP’s investment philosophy, making them the perfect partner for us to achieve our next level of growth.”

“Our desire to support Wheelabrator Group is a clear vote of confidence in its business, employees and growth prospects. We look forward to working with the management team to achieve the growth potential of this great company,” said Zbigniew Rekusz, a Director of MEP who led the transaction.

This change of ownership will not affect Wheelabrator’s current strategy. The Group will continue to pursue the action plan it developed over the last three years following its spin off from Veolia Environment. As a result of the new investment, Wheelabrator Group’s corporate functions (currently located in Golden, Colorado, USA), will transition to Altrincham over the course of the coming year.

Mr Joyce said: “The message to all our existing stakeholders, including staff and customers, is that it’s very much business as usual. Our customers will continue to receive a very high quality of service in all respects, delivered by the same people who provide it now. Where change will be evident is through our expansion into new markets and improvement in the solutions we can provide our customers.”