Catapult Venture Managers has sold its stake in Whelan Refining to the company’s management team.
Catapult invested in Whelan in 2006 alongside Bridges Ventures to enable the refurbishment and re-commissioning of a redundant oil refinery in Stoke-on-Trent.
Following the investment, the plant was re-engineered to become the first and only waste oil refining plant in the UK – recycling waste oil to produce base oil which is sold back to the lubricant industry.
Since 2006 Whelan has diverted over 100,000 tonnes of waste oil from use as a low grade fuel while producing net savings of over 300,000 tonnes of greenhouse gas emissions.
The exit provides a return of 4.7x the total investment for Catapult’s Advantage Enterprise & Innovation Fund (AEIF). Launched in 2005, AEIF provides growth capital to innovative West Midlands based businesses.