Recycling business acquires stake in firm
A West Michigan recycling business has acquired a stake in a similar company on the state’s east side.
Holland-based Padnos said last month it acquired a “significant” stake in Roseville-based GLR Advanced Recycling.
Terms of the deal were not disclosed.
The two entities will continue operating under their current names.
Jonathan Padnos, president of Padnos, called the investment in GLR the “next step” in the evolution of the two family-owned businesses.
“There are many parallels between our companies, making this a natural fit, and it is an honor to partner with Michael Bassirpour and the entire GLR team,” Padnos said. “As we build on the combined experience the Rosen and Padnos families have in the industry, we look forward to continued growth and to serving customers in the Great Lakes region.”
Michael Bassirpour, GLR president, said his company’s expansion in the past few years made the “strategic partnership” with Padnos an attractive plan.
“We see a lot of synergies between the two companies, and geographically, a partnership allows us to serve more customers throughout the state and grow to neighboring markets,” Bassirpour said.
Combined, the partners will have 24 locations throughout Michigan and will be able to recycle metals of all types, motor vehicles, paper, plastic and electronics.
Ben Irwin, CFO at Padnos, said the investment will help both companies create “economies of scale and increase our processing capabilities.”
“We look forward to the growth opportunities in front of us,” Irwin said.
Founded in Holland in 1905 by Louis Padnos, Padnos is a recycling company with 18 locations throughout Michigan and Indiana.
GLR was founded in metro Detroit by Henry Rosen in 1927.
The company began in the paper and corrugated cardboard recycling business and has expanded into plastic, electronics, metal and vehicle recycling, with an emphasis on the automotive and ferrous and non-ferrous markets.
It operates six facilities in Michigan.