Newmarket IT has received $50 million in funding from Catterton Partners, a private equity firm. The money will go toward expanding the company’s operations.
Newmarket started in 1999 as a computer leasing firm, but moved to recycling and refurbishing of computers when the computer leasing business declined.
Newmarket said it will use some of the $50 million, which it is set to receive Aug. 8, to open new facilities in Reno, Nev., and somewhere in the Midwest later this year as part of a national expansion.
Newmarket also said it has tapped Jake Player, the former head of Dell's Asset Recovery Services, to be president of the company.
For now, Newmarket handles laptops, desktop PCs, corporate servers and peripherals such as monitors. Zeigler said the goal is to expand into more consumer-oriented products including cellular phones and even video game consoles.
Zeigler said Newmarket is able to process about 3,500 machines daily at its Austin facility, which equates to roughly 1.3 million per year. Associated Press
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