Yorkshire-based Regain Polymers has been sold on by its parent group, nine months after a company voluntary arrangement (CVA) was agreed with its creditors.
The sale by investment firm Aurelius Equity Opportunities to the Imerys Group comes less than a year after it also disposed of Evolve Polymers.
A statement from Aurelius said the sale allowed Imerys to expand its performance additives division, which develops products from recycled polymers.
It added: “Regain’s management is pleased to join a leading industrial group such as Imerys which will help the company to pursue its ongoing development objectives.”
Aurelius bought Regain in 2015. The company began life in 1991 as Linpac Recycling and changed its name when it was taken over by private equity firm Chamonix in January 2011. It operates two wash plants and a material preparation facility at Allerton Bywater, near Castleford.
2000 Regain Polymers plastic sleepers
Regain’s product range includes high-density polyethylene, polypropylene, talc-polypropylene and polystyrene. In May 2016, it won a contract to manufacture a range of US-designed products, including railway sleepers.
The CVA agreed in December 2016 was said to have been prompted by significant debt from historic developments.
The sale of Evolve Polymers to US firm Plastipak Packaging in November 2016, two years after it was acquired, has led to the redevelopment of the major PET facility at Hemswell, Lincolnshire.
Plastipak operates in the plastics recycling sector in the US, France and Luxembourg through its Clean Tech subsidiary.
Clean Tech, now operating Hemswell, has partnered with Coca-Cola in the UK to boost the recycled material in its drinks bottles from 25% to 50% by 2020.