Private equity firm Growth Capital Partners (GCP) has invested in First Mile, a London-based recycling company which provides low-cost services to city businesses.
First Mile was founded in 2004 by its chief executive Bruce Bratley and has grown by 25% every year since then. It now serves more than 17,000 businesses across London.
The funding will be used to help First Mile to continue its growth and invest in infrastructure and operations. The business plans to expand into regional UK towns and cities as well as increasing its market share in its core London territories.
The company’s senior management team will invest alongside GCP and will continue to lead the business following completion of the deal.
Bruce Bratley, CEO and founder of First Mile, said: “At First Mile, we are committed to delivering the highest quality service to all of our customers. We believe that GCP will be the perfect partner to help us deliver higher recycling rates, attract new customers and ultimately help businesses of all sizes to become ‘planet savers.’”
He added: “We want to dominate our core London territories and continue expanding to regional towns and cities across the UK. We will also keep enhancing our technology so that our vision of being able to recycle everything becomes a reality. We look forward to working with GCP to enjoy continued growth and to achieve these goals in the near future.”
Kirsty McDonald, Partner at GCP said: “The First Mile customer offering – which includes low cost and straightforward services, great customer care and the ability to recycle – is clearly differentiated in the market and as a customer ourselves, we’ve always valued First Mile’s clear proposition. The opportunity to partner with such a passionate, energetic and successful team is hugely exciting and we’re delighted to be working with them in continuing to grow the business.”
The deal is GCP’s fourth investment from its Fund IV and follows investments in outdoor equipment business AMG, recruitment company Shorterm, and business communications firm Arrow.