John Swire & Sons, a UK-based conglomerate, has acquired the Scottish biodiesel producer Argent Energy through its subsidiary in an undisclosed deal.
Following the transaction, the producer is expected stay in private ownership with Swire operating the company as a separate entity. Argent makes biodiesel using recycling wastes and residues such as used cooking oil, tallow from the meat industry and grease from sewers.
The new ownership will expand the company’s expertise in recycling waste oils across international markets including Asia.
Argent managing director Jim Walker told BBC that the investment by John Swire marks the producer’s market positioning with opportunity to extend Argent’s renewable technology across the market.
The Scottish producer has recorded revenues in the excess of £50m during the last fiscal and is debt free.
John Swire & Sons board chairman Barnaby Swire told the news site that the acquisition was in line with company’s commitment towards exploration of potential green industries.
"We are delighted to be acquiring Argent Energy, a company which we believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar," added Swire.
"John Swire & Sons Ltd sees in Argent Energy’s employees a mix of attributes and values that are compatible with our own, and look forward to working with them to maximise Argent Energy’s future potential."