First Reserve have announced that they have purchased the metal recycling and refining firm Matallum Group as they look to expand their operations further into natural and energy resources industries.

The acquisition, which was believed to be around £600 million, has already been inked and will see the group transferred entirely over to First Reserve. The company, which splits into the Metallum and Metallo brands, specialised in producing high quality metals from low grade copper and operates throughout Europe, recycling scrap metals and both ferrous and non-ferrous metals.

The group accounts for 20% of the copper volumes traded throughout Europe and has 350 suppliers, all of whom allow it to source low cost metal products.

The Director of First Reserve, Alex Williams stated that the First Reserve are happy to back the current management team at Metallum to continue on expanding the success of the company.