Eco Renew adds Morcambe to the list of bases that include Hong Kong, Tokyo and Dallas
Eco Renew has announced the multi-million pound acquisition of IT recycling company ICT Reverse. The deal is part of a wider expansion and growth strategy the world over for the mobile remanufacturer with ICT Reverse acting as a base for the UK and Europe.
ICT Reverse is “the first of many acquisitions globally” for Eco Renew and will add to the bases the company currently has in Hong Kong, Tokyo, Dallas and Dubai.
The two companies will still operate as different entities with no changes in the employment of any staff at the Morecambe based recycler.
Eco Renew CEO Mark Chambers said: “We were looking for a number of acquisitions to grow the business both geographically and in terms of the products and services portfolio.
“ICT Reverse is our first acquisition and ticks all the boxes for us because they offer something we don’t have. “On top of this, it offers a geography that we don’t currently have in the UK and Europe.”
Eco Renew are one of the biggest insurance re-manufacture of handset and parts, supplying in excess of 60,000 devices and 500,000 refurbished parts per month to predominantly US insurance clients such as AT&T.
As a result of the acquisition, ICT Reverse founder Craig Smith revealed that the recycler is pursuing “new opportunities” with more than one company.
He added: “We’re a small business that last year turned over just under five million pounds which brings its own challenges in terms of funding, resource and scale opportunities.
“We are already talking to three opportunities that we wouldn’t normally be able to talk to because of the scale that Eco Renew brings.
“In the past we’ve not been comfortable with the product we can put out and our relationships with corporates is the key to our business.
“Therefore we didn’t want to jeopardise that relationship by showing anything other than excellent products.
The acquisition also offers crossselling opportunities for both companies as well as looking to take advantage of the geographical reach of both companies.
From a service point of view, ICT reverse can now sell devices back to the market through Eco Renew, a service that they have wanted to be able to offer in the past.
Smith continued: “We want to be able to look at the iPhones we’re taking out of the market, re-manufacture those units then putting it back into our corporate, which will serve everyone well.
“We are also going to try and replicate what we do in the UK in the places where Eco Renew are also based in Dallas and Hong Kong.
“What we have delivered in the UK and the way we’ve delivered it and the fact we cross multiple products is a pull. Not many company can say they cover anything from a mobile phone to a data centre.”