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Established in 2011, Elemental Holding Group with its mother-company: Elemental Holding Sàrl (“Elemental” or the “Company” https://elemental.biz/)  is a global recycler focused on mainly producing monoliths of Platinum Group Metal (“PGM”) from Spent Automotive Catalysts (“SACs”) and gold, silver and copper concentrate from Waste Electrical and Electronic Equipment (“WEEE”), Printed Circuit Boards (“PCBs”) and non-ferrous scrap metal. Elemental currently has 55 subsidiaries in 35 countries owning more than 50 collection and processing facilities of which 30 are across Europe and the rest are outside of Europe (in Turkey, UAE, U.S. and Malaysia). Elemental employs over 1,100 people worldwide.The process of recycling of SACs includes collection, de-canning, grinding, sampling and assaying the metals. Furthermore, electronic and electrical products recycling entails physical crushing and sorting technologies and recovery of reusable materials. Both the PCB and electric and electronic wastes are mainly delivered from WEEE recyclers, where the material is separated from discarded equipment components, or is supplied directly from the production plants. All recovered products are supplied to smelters/refineries for further recovery and use. Elemental does not recycle ferrous metals as primary form of operations, however, PGM and PCB segment include steel and iron recycling as a by-product.  The proposed transaction is an investment of up to US$90 million in convertible preferred shares of Elemental. Elemental is looking to expand its existing operations through Mergers and Acquisitions (“M&A”) in developed and emerging markets and integrate into the downstream segment of recycling operations (the “Project”). The proceeds of IFC’s proposed investment will be used for financing M&A, including a potential acquisition of an existing company in an emerging market (the “Target Company”), downstream projects, and other corporate purposes and transactions. The Target Company has more than 20 processing and collection facilities across an emerging market and a few collection centers globally. The Target Company is also recycling SAC, electronic and electrical waste and PCBs following the same production process as Elemental.