Luminii provides CDD to Palatine and Papilo on their acquisition of Allwood Recycling Solutions

06 Feb 2026 /

Luminii are delighted to have provided Commercial Due Diligence (CDD) to Palatine Private Equity (Palatine) and Papilo Limited (Papilo) on its recent acquisition of Allwood Recycling Solutions (Allwood), a nationwide provider of total waste management solutions with a strong specialism in the distribution and logistics sectors.

Palatine's portfolio company Papilo, is a leading total waste management solutions provider that offers outsourced waste disposal and recycling solutions from its headquarters in Manchester for over 15 years. This strategic acquisition of Warwick-based Allwood 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.

This acquisition marks 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.”

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