Mobile phone recycler hopes the acquisition will spur further growth in its business
Redeem confirmed that investment group Greybull Capital has acquired a majority stake in the company, a move that will help it target further growth.
Greybull specialises in improving businesses for all stakeholders, and works closely with management teams and employees to increase value to the companies it works with.
Redeem, which operates worldwide and processes over 750,000 mobiles per year, focuses heavily on the market for pre-owned devices, with overall annual smartphone recommerce sales estimated to be in excess of £14 billion.
It is expected that Greybull’s acquisition will give Redeem the capital needed to grow, starting with supporting the O2 contract that has been recently completed and provides a new long-term exclusive deal for Redeem.
Greybull Capital spokesperson Marc Meyohas has welcomed the acquisition of Redeem: “Redeem is an exciting business working in attractive and growing markets with an enviable customer list of mobile network operators, retail and used-device suppliers.
“We are delighted to support the strong management team led by Paul Egan and their excellent plan for growth.”
Speaking to Mobile News, Redeem executive chairman Paul Egan commented: “The significant new investment Greybull has made will allow us to truly capitalise on our unique market position, strong industry relationships and reputation for delivering a differentiated service offering to very high standards.”
Aside from O2, other partners of Redeem include Three, Vodafone, Bell Canada, Sky Mobile and Tesco.