Lexington supported Santander Corporate & Commercial on the transaction
A Cardiff-based waste management company which caters specifically to the industrial sector has secured £2m of growth capital from Santander Corporate & Commercial.
Forward Waste Management (FWM) will use the funding to help develop its regional waste collection and processing facilities.
It will fund its existing business in South Wales and its operations in the West Midlands as the business develops a customer base in the region.
The company's clients include British Airways, Ricardo, Federal Mogul, Sony and Actavis. It also has its own waste handling equipment division, Enviroquip, which manufactures and refurbishes a range of machinery including waste compactors, balers and containers.
Lyndon Ward, managing director at Forward Waste Management, said: "We are a dynamic business operating in growth driven by the increasingly significant waste and recycling regulatory and compliance requirements for our customer base. It’s refreshing to have a banking partner that has been keen to work with us and help support our growth ambitions."
Peter Abel, director, growth capital, Santander Corporate & Commercial, added: "This is a business we have known and tracked for a while and have been very impressed with the strength of the management team and board for a company of this size. They operate in a sector with exciting opportunities and we look forward to supporting the team with their UK growth ambitions."
Santander Corporate & Commercial was supported on the FWM transaction by Lexington Corporate Finance.