IT recycling business Tier 1 partners with EOL to create £25m market leader
We’re delighted to announce that our portfolio company Tier 1 has joined forces with EOL IT Services, another IT asset disposal (ITAD) business, as we look to build another UK re-commerce champion.
Tier 1 specialises in secure ITAD and refurbishment, helping to tackle the growing environmental challenge of electronic waste – of which 54m tonnes was produced globally in 2019.
Our Sustainable Growth Funds invested in the pioneering Manchester-based business in 2021, having been impressed by the firm’s technical expertise, sustainable vision, commercial potential and strong social value focus.
This tie-up with Essex-based EOL, a highly accredited ITAD service and technology recycler, is an important step in strengthening the Group’s operational capabilities, expanding its geographical footprint and accelerating its growth.
Jonathan Rose, founder and CEO of Tier 1, said: “We are delighted to welcome Dan Smith and the EOL team into the Tier 1 Group.
“EOL has grown to be one of the most respected ITADs in the UK, 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.
“With a combined 70,000 square foot of operational facility and 115 employees, we now have the platform to build the business into the UK’s leading IT circular economy organisation, with positive environmental impact at the heart of our offering.”
James Hurrell, Partner at Bridges Fund Management, said:
“Tier 1 is a perfect example of how tackling our biggest environmental challenges – in this case, the growing mountain of electronic waste – can also create an attractive commercial opportunity.
“Thanks to our successful investment into World of Books, we understand how to help circular economy businesses accelerate their growth and optimise their impact. We’re on a mission to build Tier 1 into another UK recommerce champion. This transformative tie-up with EOL is an important milestone on that journey – and we are actively seeking further acquisitions to complement our ambitious organic growth strategy.”
We’re excited to support the combined Tier 1 Group as it leads the way towards a more sustainable economy!
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