David Parkin AILSA3, the private investment fund owned by Yorkshire entrepreneurs Andy Hinton and Nick Wyatt has added another operation to its Credential Environmental group.
Credential has completed the acquisition of the 2m turnover Wednesbury-based Tyre Collection Services (TCS) to complement its growing portfolio of automotive sector recycling businesses for an undisclosed sum.
The waste specialist has announced the further integration of its tyre collection and reprocessing businesses into one division under the Credential Automotive brand.
The company has also unveiled a new look Internet site www.credenv.com, logos and new marketing materials detailing the company's expanding range of services.
Credential Environmental already owns the Automotive Waste Solutions (AWS) and Waste Tyre Solutions (WTS) recycling businesses and this latest acquisition will bring the group's turnover to about 16.5m in 2006.
The businesses will operate alongside Credential's tyre processing operations under the new Credential Automotive brand as the dedicated automotive sector division of the Credential Group.
Ailsa3's Nick Wyatt, who is managing director of Credential Environmental, said: "This latest acquisition is another step towards our intention of becoming the UK's leader in the management of automotive industry waste.
"By bringing the businesses together under the Credential Automotive brand we will be better able to communicate the growing breadth and depth of service we can provide the industry.
"The WTS, AWS and TCS businesses have long established track records in their specialisms, and in bringing them together with our other business assets we have gained enormous experience, national reach and great innovative processing capabilities."
Credential Environmental operates from its head office at Newton Aycliffe near Durham, while Credential Automotive continues to operate from its Durham, Breighton, Edmonton, and Wednesbury sites as well as a number of other depots around the country.
Credential Environmental has also announced the launch of Credential Automotive's sister division – Credential Hazardous – that again comprises businesses brought together with a specialism in hazardous waste management.
Credential Hazardous operates from its Worcester and Hinckley sites.
Together, the Credential Automotive and Hazardous Divisions now employ over 120 staff around seven sites throughout Britain.
Mr Hinton and Mr Wyatt sold Leeds-based waste services firm White Rose Environmental (WRE) for 35m to US firm Stericycle in June 2004 and launched the private venture capital fund, Ailsa3 Ventures, based in Leeds, three months later.
Their investments have principally been in the waste management sector where they gained their experience running WRE, which they bought out from Yorkshire Water owner Kelda in 2000 for 13.7m.
A game of golf at Turnberry in Scotland inspired the name of their venture capital company.
They agreed they would name their firm after the hole on the course where they both scored the highest.
The pair scored their highest points on the third hole of the Ailsa course, called Blaw Wearie and decided to name their firm after the course and the hole number instead.