Expanded group will focus on companies with zero-waste strategies
Allwood Recycling Solutions is based in Warwick(Image: Allwood Recycling Solutions)
A waste management firm backed by investment group Palatine has acquired a Midlands firm in a “milestone” deal that will create a £60m revenue business with more than 200 employees. Swinton’s Papilo has taken over Warwick-based Allwood Recycling Solutions in its second acquisition since it secured the backing of Palatine’s Impact Fund.
Allwood was founded in 2010 by Darren Wheeler and has been led since 2025 by Gavin Ebery. Both will continue with the Papilo group with the rest of the Allwood team.
The Midlands business focuses on the distribution and logistics sector and manages more than 150,000 tonnes of material each year.
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Paul Hodgkiss, CEO of Papilo said: “The Allwood team are hugely well-regarded in the industry and I am delighted to welcome Gavin, Darren and the wider Allwood team to Papilo. They bring outstanding experience, technical knowledge and from the outset, it was clear that we share a common purpose where sustainability, and the circular economy, sit at the centre of every service.
“This is a milestone acquisition for the group and will be a major platform for growth.”
Gavin Ebery, managing director of Allwood Recycling Solutions said: “This deal brings together two purpose-driven, like-minded businesses and I’m very excited about the opportunities it will bring to our customers and our people.
“We look forward to a new phase of growth as part of Papilo in a market where increasing numbers of blue-chip companies are rolling out zero waste strategies.”
Greg Holmes, senior investment director at Palatine Impact Fund, said: “This is an important strategic acquisition for Papilo, broadening our service capabilities and brings new experience and technical knowledge into the business.
“We are delighted to have supported on Papilo’s second acquisition in the last eight months and look forward to identifying other suitable targets that will further enhance Papilo’s growth.”
The deal, the value of which was not disclosed, was funded by Palatine Impact II, Kartesia and Virgin Money. Papilo was advised by Gateley Plc (legal), Fellwood Advisory (debt advisory), Forvis Mazars (financial and tax due diligence) and Luminii Consulting (commercial due diligence). Advisors to Allwood included HNH Advisors (corporate finance) and Burges Salmon (legal).