Papilo accelerates growth with key acquisition of Allwood Recycling Solutions

Papilo, the leading total waste management solutions provider backed by our Impact Fund today announces the strategic acquisition of Warwick-based Allwood Recycling Solutions.

The acquisition creates a combined group with over 200 employees and annual revenues of more than £60 million with a shared ambition to provide best-in-class customer service while supporting the circular economy.

Allwood, founded in 2010 by Darren Wheeler, is a nationwide provider of total waste management solutions with a strong specialism in the distribution and logistics sectors. Allwood manages over 150,000 tonnes of material each year, and mirrors Papilo’s strong commitment to sustainability and zero-landfill.

The company, which like Papilo operates an asset-light business model, has been led since 2025 by Gavin Ebery, who has risen through the ranks from Commercial Director (2022) and Chief Operating Officer (2024). Both Gavin and Darren Wheeler are remaining with the enlarged group, alongside the wider employee base of Allwood.

The acquisition is the second, and largest since North West-based Papilo partnered with our Impact Fund, which invests in commercial businesses specialising in delivering social and environmental change. It is a significant milestone in Papilo’s ambition to lead the way in fostering a circular economy, where waste is minimised and resources are maximised.

Paul Hodgkiss, CEO of Papilo said: “The Allwood team are hugely well-regarded in the industry and I am delighted to welcome Gavin, Darren and the wider Allwood team to Papilo. They bring outstanding experience, technical knowledge and from the outset, it was clear that we share a common purpose where sustainability, and the circular economy, sit at the centre of every service. This is a milestone acquisition for the group and will be a major platform for growth.”

Greg Holmes, Senior Investment Director at Palatine Impact Fund commented: “This is an important strategic acquisition for Papilo, broadening our service capabilities and bringing 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.”

The transaction was funded by Palatine Impact II, Kartesia and Virgin Money.

Papilo were advised by Gateley Plc (Legal), Fellwood Advisory (Debt advisory), Forvis Mazars (Financial and Tax Due Diligence) and Luminii Consulting (Commercial Due Diligence).

Advisors to Allwood included HNH Advisors (Corporate Finance) and Burges Salmon (Legal).