From left: Allen Martin, Senior Investment Executive, Kernel Capital; Nishi Ward, CEO, Waste Systems; William McCulla,Director Corporate Finance, Invest NI and Andy Palmer, Customer Service Manager, Bank of Ireland UK.Kernel Capital has completed a £1M investment in Waste Systems, a designer and manufacturer of advanced waste management systems.
The Bank of Ireland Kernel Capital Growth Fund (NI) was designed to help SMEs in Northern Ireland to accelerate their growth. Invest Northern Ireland has committed £15 million of funding to this fund which is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020.
Founded by CEO Nishi Ward and with cumulative sales since incorporation of £7.5m, Waste Systems has developed a suite of machinery that separates out difficult waste materials enabling the highest attainable levels of waste segregation within one mobile machine. The equipment helps to generate materials of commercial value, allowing companies to reduce landfill costs and secure revenue streams from valuable recovered materials.
Waste Systems are exporting across Europe and North America and have a team of 20 at its base in Tyrone. Earlier this year the Company entered into a major distribution agreement with UK distributor EPS and is currently working on a similar agreement with a leading US distributor. This investment will be used to support the company’s international sales growth and will enable Waste Systems to capitalise on its traction in key markets.
“Kernel Capital are pleased to invest in a high value, innovative company such as Waste Systems who are exporting on a global scale. Nishi Ward, the Company’s Founder, recognised the emerging trends within the Waste sector and has developed a suite of novel products that align with the growing legislative backdrop that is focused on the recycling of waste materials. We are impressed with the milestones that Nishi and his team have met in a short period of time.”
Allen Martin, Senior Investment Executive, Kernel Capital
“The demand for innovation across the waste recovery sector which is being driven by legislative changes and the increasing cost of landfill tax in the UK for unsegregated waste has positioned us as a key player within this global market. This investment from Kernel Capital will enable us to create further employment in Northern Ireland and to grow and scale our company, as we enter new markets and increase our global sales.”
Nishi Ward, CEO, Waste Systems
“Invest NI created its Access to Finance suite of funds to actively stimulate and encourage high growth businesses across all of Northern Ireland. The Development Funds, one of which is managed by Kernel Capital, were specifically designed to help businesses like Waste Systems – local innovative companies that have the potential to scale up through export led growth.”
William McCulla, Director Corporate Finance, Invest NI
“Innovating, scaling and exporting are vital to sustainable business growth in Northern Ireland, which is why we are delighted to see this investment in Waste Systems, an innovative company within a key sector with a strong focus on international markets. “
Gavin Kennedy, Head of Business Banking NI, Bank of Ireland UK
For further information please contact:
Dawn Walsh, Kernel Capital.
Tel: +353(021) 492 8974
Notes to the editor:
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of £165m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of £0.5m to £2m in NI and €1m to €5m in the ROI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.