ThinCats supports refuse-derived fuel exporter Andusia with MBO funding
Andusia, the UK’s leading aggregator and exporter of refuse-derived fuel (RDF), has agreed a funding package with ThinCats, the alternative lender to mid-sized UK businesses.
Based in Hertford, Andusia is the UK’s largest independent exporter of commercial waste, servicing the rapidly growing energy from waste market. In an economy evermore concerned about its environmental impact, Andusia offers a cost-effective and environmentally friendly solution to waste management, taking municipal and commercial waste from the UK to energy plants in the EU. To date, they have exported enough bales of waste to stretch from London to Spain.
The bespoke funding solution provided by ThinCats is set to part-fund a management buyout by allowing key staff to become minority shareholders in the business. With fresh growth in mind, the management buyout will mean that key employees will also benefit directly from the future success of the business.
ThinCats was introduced to Andusia by Ryan Shields, associate director corporate finance at Grant Thornton who also provided financial information.
Steve Burton, director, Andusia “When we celebrated exporting our millionth tonne of RDF in 2018, we knew that we had reached the scale needed to expand further into the energy from waste sector. So we were delighted to be introduced to ThinCats, who quickly created a funding package to meet our specific needs. The funding will help us further align key staff with the business as we pursue ambitious expansion plans in the UK and continental Europe.”
Ryan Shields, associate director, Grant Thornton “Andusia has a well diversified client base with contracted income streams in a sector with great growth potential, so we thought it would be a good match with ThinCats’ flexible cash flow product. ThinCats agreed with our initial analysis and we were delighted with how the transaction progressed from there.”
Kash Moghul, director, regional business development, ThinCats “Andusia is a fascinating business, working in a vital sector and providing an innovative solution to the constant issue of waste management.
Andusia has an excellent leadership team and we are delighted that the transaction will enable key staff to have a greater shareholding in the business. Finding new ways to reduce the environmental impact of landfill is a challenge affecting all of us, so we wish Andusia every success with their plans for the future.”
