Thu, 05 Feb 2026 | BUSINESS SALE
Private equity-backed waste management specialist Papilo has acquired Warwick-based Allwood Recycling Solutions in a deal that creates a combined group with annual revenues of over £60 million and more than 200 employees.
The acquisition is Papilo’s second since it partnered with Palatine’s Impact Fund, following its takeover of Silverwoods Waste Management in June 2025, and its biggest deal so far. Palatine’s Impact Fund invests in businesses that specialise in delivering social and environmental change.
Founded in 2010, Allwood Recycling Solutions is a nationwide provider of total waste management services. The company has a strong specialism in the distribution and logistics markets and manages in excess of 150,000 tonnes of material annually.
Like Papilo, the company has a strong commitment to sustainability and zero-landfill and operates with an asset-light business model. The company is led by founder Darren Wheeler and Managing Director Gavin Ebery, both of whom will remain with the enlarged group post-transaction, alongside the wider Allwood team.
Paul Hodgkiss, chief executive of Papilo, said that Wheeler, Ebery and the Allwood team “bring outstanding experience, technical knowledge” and “a common purpose where sustainability, and the circular economy, sit at the centre of every service.”
Hodgkiss added that the deal was a “milestone acquisition” for Papilo and would provide “a major platform for growth."
Gavin Ebery said that the acquisition “brings together two purpose-driven, like-minded businesses” and would deliver opportunities for Allwood’s customers and staff.
Ebery continued: "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."
Read our in-depth exploration of M&A in the waste management sector
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