NorthEdge eyes AIM float for Accrol
Leading independent tissue converter, Accrol Group Holdings plc, has announced its intention to float on the AIM market of the London Stock Exchange. Dealings are expected to commence on AIM on 10th of June 2016.
Established in 1993, Accrol has grown to become a leading supplier of tissue products, supplying premium retail and UK discount markets. Accrol has a 35 percent market share of the discount market and seven percent of the overall UK tissue market. The business manufactures a wide range of household and travel tissue products for various blue-chip retailers and service providers from its manufacturing, storage, and distribution facility in Blackburn, UK.
NorthEdge Capital has worked with the company since July 2014, when it backed the management team in a buyout worth £66 million. The IPO will represent a partial exit for NorthEdge, with the firm retaining a minority stake in the business.
Accrol has experienced rapid growth over the past three years, with sales exceeding £100 million in 2015 and EBITDA growing 13.7 percent year-on-year. This has enabled the company to increase its staff team to more than 450, becoming a major employer in the Lancashire region.
The listing will enable Accrol to enhance its operations as it looks to target further organic growth in the discount market, as well as increasing market share with UK retailers by focusing customer service and offering a wider product set arising from planned new product development and innovation.
Dan Wright, Chief Operating Officer and Head of Portfolio at NorthEdge Capital, said: “Accrol has enjoyed sustained growth during the two years we have been working with the business. The drive and passion of the management team to develop the business has been exemplary. A prospective IPO is an opportunity for the team to further build on a robust platform for growth.”
Majid Hussain, the outgoing CEO of Accrol, added: “My father, Jawid Hussain, started this business in 1993 and the family has built it into the successful Company it is today. NorthEdge’s investment in 2014 provided the business with the funding to expand its offering and operations further and we believe that now is the right time for the business to IPO to provide a platform to support further contract wins with new customers.”
The Hussain family will remain Company shareholders and are undergoing a transitioned exit from the management of the business.
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Ultium Cells LLC/Li-Cycle: Sustainable Battery Manufacturing
Ultium Cells LLC - a joint venture between General Motors and LG Energy Solutions - has announced its latest collaboration with Li-Cycle. Joining forces the two have set ambitions to expand recycling in North America, recycling up to 100% of the scrap materials in battery cell manufacturing
What is Ultium Cells LLC?
Announcing their partnership in December 2019, General Motors (GM) and LG Energy Solutions established Ultium Cells LLC with a mission to “ensure excellence of Battery Cell Manufacturing through implementation of best practices from each company to contribute [to the] expansion of a Zero Emission propulsion on a global scale.”
Who is Li-Cycle?
Founded in 2016, Li-Cycle leverages innovative solutions to address emerging and urgent challenges around the world.
As the use of Lithium-ion rechargeable batteries in automotive, industrial energy storage, and consumer electronic applications rises, Li-Cycle believes that “the world needs improved technology and supply chain innovations to better recycle these batteries, while also meeting the rapidly growing demand for critical and scarce battery-grade materials.”
Why are Ultium Cells LLC and Li-Cycle join forces?
By joining forces to expand the recycling of scrap materials in battery cell manufacturing in North America, the new recycling process will allow Ultium Cells LLC to recycle cobalt, nickel, lithium, graphite, copper, manganese and aluminum.
“95% of these materials can be used in the production of new batteries or for adjacent industries,” says GM, who explains that the new hydrometallurgical process emits 30% less greenhouse gases (GHGs) than traditional processes, minimising the environmental impact. Use of this process will begin later in the year (2021).
"Our combined efforts with Ultium Cells will be instrumental in redirecting battery manufacturing scrap from landfills and returning a substantial amount of valuable battery-grade materials back into the battery supply chain. This partnership is a critical step forward in advancing our proven lithium-ion resource recovery technology as a more sustainable alternative to mining, " said Ajay Kochhar, President, CEO and co-founder of Li-Cycle.
"GM's zero-waste initiative aims to divert more than 90% of its manufacturing waste from landfills and incineration globally by 2025. Now, we're going to work closely with Ultium Cells and Li-Cycle to help the industry get even better use out of the materials,” added Ken Morris, Vice President of Electric and Autonomous Vehicles, GM.
Since 2013, GM has recycled or reused 100% of the battery packs it has received from customers, with most current GM EVs repaired with refurbished packs.
"We strive to make more with less waste and energy expended. This is a crucial step in improving the sustainability of our components and manufacturing processes,” concluded Thomas Gallagher, Chief Operating Officer, Ultium Cells LLC.