Elemental Holding has acquired a 49% stake in Elemental USA Inc. from the FIZAN Foreign Expansion Fund and the PFR FIZAN Investment Fund managed by PFR Investment Fund Company, and as a result the Group now owns 100% of the American company, the company said.
Elemental USA Inc. oversees the Group’s U.S. companies specializing in the recycling of used automotive and industrial catalytic converters, and the transaction follows an investment agreement between PFR TFI and Elemental Holding in 2019, it said.
“The transaction is another step in the ongoing consolidation process of our Group and is in line with the previously agreed schedule,” said PGM and M&A Elemental Holding COO Krzysztof Spyra.
“The Foreign Expansion Fund has been working with Elemental Group since 2017. So far, we have made 5 international investments together, including 3 in the US market. Thanks to the cooperation with the fund, Elemental has accelerated the process of expansion in foreign markets. By making investments with FEZ, Polish companies gain not only financing, but also a partner who makes them credible on international markets. Selling shares to a Polish partner is usually the final stage of the investment process,” added investment manager, Foreign Expansion Fund, PFR TFI Wojciech Jablonski.
Founded in 2010. Elemental Holding is a recycling company. It has 55 subsidiaries in 35 countries with more than 50 collection and processing plants, 30 of which are located throughout Europe and the rest outside Europe (in the US, Turkey, the United Arab Emirates and Malaysia). Elemental employs more than 1,100 people worldwide. It was listed on the WSE from 2013 to 2021.
Source: Elemental Holding and ISBnews
