Tier 1 Group, an electronics recycling firm based in Manchester, United Kingdom, says it has made “an eight-figure investment” in Maldon, U.K.-based IT asset disposal (ITAD) company EOL IT Services Ltd.
The expansion will almost double Tier 1’s operational capacity and create what the firm calls one of the largest “full circle” IT hardware businesses in the U.K.
Manchester-based Tier 1 says it specializes in secure ITAD and refurbishment services, supporting a range of clients and helping to tackle the growing stream of electronic scrap. Founded and led by CEO Jonathan Rose, Tier 1 has enjoyed rapid growth in recent years and won the Queen’s Award for Enterprise, the firm says.
Tier 1 calls EOL “a highly accredited ITAD service and technology recycler, with long-standing relationships with several government departments and blue-chip clients.”
Postmerger, Tier 1 Group calls itself one of the largest ITAD businesses in the U.K., with annual revenue in excess of $30 million.
The merger gives Tier 1 an additional base in the southeast part of England via EOL’s 30,000 sq. ft. facility in Maldon, Essex, to complement Tier 1’s existing 40,000 sq. ft. facility in Manchester. The merger also enhances Tier 1’s shredding and logistics capability, the firm says.
“We are delighted to welcome Dan Smith and the EOL team into the Tier 1 Group,” says Jonathan Rose, founder and CEO of Tier 1. “EOL has grown to be one of the most respected ITAD [firms] in the U.K., and bringing the two businesses together will further enhance both our senior management team and our service offering, creating an incredible proposition for our corporate clients.”
Rose adds, “With a combined 70,000 square feet of operational facility and 115 employees, we now have the platform to build the business into the U.K.’s leading IT circular economy organization, with positive environmental impact at the heart of our offering.”
EOL Managing Director Dan Smith will join the board of the combined Tier 1 Group, bringing with him more than 20 years of experience in the ITAD industry, both domestically and internationally.
“Tier 1 shares our passion and commitment for providing businesses with secure, sustainable and environmentally sound solutions for the recycling of IT equipment. Having operational bases in the south and the north will provide strategic logistical advantages and reduce our carbon emissions,” Smith says.
He continues, “Demand for sustainable computing equipment is increasing all the time, and this move will provide our clients and businesses with more access to carbon-saving sustainable computers and laptops, as well as all other manner of IT equipment.”
The Tier 1 Group says it also is actively exploring further acquisition opportunities that will drive growth and cement its position as a U.K. market leader.