Reseller hails ‘big step’ as it targets half a billion turnover in two years
EcoRenew has purchased mobile recycling company Mazuma Mobile as the global reseller targets half a billion turnover in two years.
The acquisition, made official two days before Christmas, is estimated to contribute $45 million (£33.3 million) to the total turnover of the company when added to the acquisition of ICT Reverse in November as EcoRenew takes control of all facets of the second-hand device process.
Mazuma will continue to operate under that name, however offices used by the recycler in Australia will also act as a base for EcoRenew as they look to push their business in the Oceanic and Far East regions.
EcoRenew CEO Mark Chambers told Mobile News that Mazuma was the obvious choice as it has become a household name after just 15 years of trading and that the acquisition is a big step towards the goal of becoming a one-stop shop in the second-hand market.
He added: “I don’t think there is any doubt that Mazuma is the strongest consumer brand, not only in the UK, but across Europe and in Australia in their area.
“We were looking for a consumer solutions and Mazuma has been around longer than anybody else and is a very strong brand. There’s no doubting its strengths, it has been around for a while and known byconsumers inside and outside the UK.
“One of the things we are looking for is companies we can take globally across all our locations, so whereas Mazuma is strong in the UK, and more recently in Australia, we want to pick that up, along with ICT Reverse and take it into the US, Japan and the UAE.”
By the end of this year EcoRenew is projected to turnover $300 million (£221.8 million) with Chambers aiming to topple to half a billion turnover within two years.
Chambers told Mobile News the two UK companies picked up this winter were of particular interest to the remanufacturer due to the maturity of the second-hand market in the UK.
Expertise unique to the UK can also be used to build on the devices the company turns out per month – more than 100,000. Chambers added: “The UK market is appealing and is certainly more established than a lot of other countries. But the expertise in the UK is what attracted us to it.
“If we use Mazuma as an example, there is nothing like that in Japan, which is a huge smartphone market at the moment. “The idea is to take Mazuma, ICT Reverse and our own offering around the world and because it’s such a big market for us, we’ll start
Mazuma is the second UK purchase buy EcoRenew in the past three months with Chambers hinting at a third on the way before the end of the month. Chambers also detailed the end goal for the company of controlling all processes in the second-hand market.
He said: “We want to source products straight from the consumer’s hand. Whether that’s through trade in, through businesses trading in or through an insurance claim.
“We have hundreds and thousands of devices coming in every month already and this will just increase that.
We will then use those phones to harvest parts and build out of those, new products and turn those new products into the market place.”