Deal is expected to add $1 million in revenue to acquiring firm.
The electronics recycling and reverse logistics firm E-Waste Systems Inc. (EWSI) has entered into a binding agreement to acquire the electronic scrap and mobile computing company Surf Investments Ltd., which is headquartered in Irvine, Calif.
EWSI says it expects the acquisition to add $1 million in annual revenue to the company, which has corporate offices in London, Shanghai and Los Altos, Calif.
Surf is a registered collector of electronic scrap in California and recognized as a warranty-authorized center for repair, returns and resale by a number of larger OEM manufacturers.
"This acquisition extends our eWaste brand and sets our West Coast operating foundation," says Martin Nielson, CEO of EWSI. "The California market is a top priority for EWSI, and this acquisition will push our e-waste brand deeper and the local presence allows greater efficiencies for our revenue acceleration initiative.
"This acquisition is a milestone for EWSI due to its strategic geographical position and the solid credentials and licenses it owns," Neilson continues. "It brings benefits immediately and complements our branding, technology and revenue acceleration core focuses."
Upon completion of the acquisition, Surf will operate under the E-Waste Systems brand name from its Irvine location.
Julie Peterson Mindiola, founder of Surf, will remain with the company in an executive capacity. Kimberly Crew, the majority shareholder and president of Surf, will join EWSI’s advisory board.
"I am looking forward to help EWSI achieve its goals and to promote the cause of highly compliant end of life solutions. We both have a lot we can achieve together," Crew says.
Mindiola, who founded Surf in 1979 and manages the day-to-day operations of the company, adds, "We see a significant opportunity to grow our business with the support of the EWSI team under the eWaste System brand."
The transaction was expected to close in May, EWSI says.