HMT LLP advised Redeem Holdings Limited (“Redeem”), the leading international provider of mobile phone and electronic gadget recycling and recommerce services, on the acquisition of Eazyfone Limited (“Envirofone”), one of the longest standing mobile phone recyclers in the UK.
Redeem provides sustainable, data secure, recycling services to mobile network operators, consumers, retailers and corporate clients across Europe, the Middle East, Asia and the Americas, through offices in the UK, Estonia, Sweden, the United Arab Emirates and Hong Kong. Originally established in 1999 as a UK-based printer cartridge recycling business, the business has grown into a global leader in the recommerce, recycling, refurbishment and wholesale of electronic products.
Headquartered in Cheshire, Envirofone recycles mobile phones from UK, Holland, Sweden and the Republic of Ireland, and has helped over 3.5 million customers get cash for their devices since 2005. The business is environmentally committed, with 98% of mobiles being reused, typically sold in developing countries where they can play a major part in helping develop fledgling communication networks. Envirofone’s consumer focus opens up an estimated £11 billion direct-to-consumer market for Redeem, with circa 125 million unused handsets thought to be languishing in British homes.
The acquisition combines Envirofone’s strong consumer proposition with Redeem’s innovative processing platform, expanding their European footprint and giving customers more flexibility to realise the optimum value for their used handsets, as well as cementing Redeem’s position as the UK’s largest mobile recycling company.
Claes Svensson, CEO of Redeem, commented:
“This move is a significant step forward for both businesses. Envirofone’s consumer platform has become a powerful and trusted brand over the past ten years and this is something we’ll look to develop throughout the entire group. This addition to Redeem’s portfolio improves our capability to deliver market-leading buy-back, trade-in, refurbishment and wholesale solutions for operators, retailers, corporates and consumers across Europe.
We would like to thank HMT for their efforts in securing a great deal for us throughout a shortened acquisition process. Without their expert assistance we would most probably not have closed this deal, and we look forward to working with them again as we continue to grow the business.”
Andrew Thomson commented:
“Having advised the existing management team on their MBI of Redeem in 2011 and on a number of transactions since, HMT were once again delighted to work with Trevor, Claes and the team as they continue to grow the business both organically and through strategic acquisitions.
Envirofone adds significant scale to a rapidly-growing business which is already the dominant player in the UK, and we look forward to working with them again to secure further growth opportunities. ”