Raymond Brown

Sector: Energy, Utilities

Status: In Portfolio

Fund: II

Deal type: Management buyout

Investment date: August 2016

Raymond Brown Minerals and Recycling had strong potential at the time of our acquisition to build upon its regional critical mass by expanding each of its three business streams.

Based in Chandlers Ford, Hampshire, with sites across Dorset, Wiltshire and Oxfordshire, Raymond Brown is a leading integrated aggregates and recycling company.

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“The transaction was far from straightforward but Elysian’s pragmatic approach and investment in understanding the detail of our business, combined with their tenacity, ensured that we made it happen. Their experience and support will help us reach the group’s goals.”

Steve Clasby

Chief Operating Officer, Raymond Brown Minerals and Recycling

Investment rationale

We saw significant growth in Raymond Brown, which had already established a leading position based on regional critical mass, a strong reputation for product and service quality, and environmental responsibility.

The company provides:

Responsibly sourced, quality assured aggregates from a network of strategically positioned quarries.
Processing and recycling of incinerator bottom ash (IBA) – the residue from energy from waste power stations.
Regional waste management and recycling through a network of material recovery facilities.

It also has long-term contracts within its IBA division and an attractive asset base that had benefitted from significant investment in recent years, including a new quarry in Romsey in Hampshire and a new IBA facility near Andover.

Creating value

We would enhance each of its three business areas, boosted by firm customer relationships and strategic mineral reserves.

Since our investment in 2016, we have worked with the management to:

Sell the waste business in October 2019 to a regional waste company, allowing the management to focus on the group’s more value-add operations.
Open two new IBA processing sites to support additional contract wins.
Achieve planning on two new reserves at existing quarries and secure exclusivity on significant future reserves.