Fri, 28 Jan 2011 | MBO/MBI
Mobile phone recycler Redeem has been purchased in a management buy-in deal for an undisclosed sum.
The founders, Jamie Rae and David McCabe, have sold the Scotland-based firm to an incoming management team, led by Curt Hopkins, former managing director of Vodafone Business Services and Pete Petrondas, former boss at Eazyfone.
Private investor Trevor Bayley, one of the founding partners at HgCapital, backed the deal.
Mr Bayley is to become the chairman, while Hopkins is to step into the role of chief executive officer and McCabe the chief operating officer.
Redeem started out in 1999 by recycling printer cartridges. It has headquarters in Falkirk and operates in Europe and Asia. Its latest yearly revenue figure exceeded £10 million, a jump from £5.8 million for the year to 31 March 2009.
Today, Redeem works in collaboration with over 300 charities and retailers, including Boots and Sainsbury's, to provide customers with its mobile phone recycling services.
The new owners aim to expand the business to include recycling other electronic devices such as smartphones and tablets. In the short term, Redeem’s testing and refurbishment processes will be improved, which will increase margins on sales of second-hand phones.
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