Convex advises on 1st Technologies sale to Sprout backed by Recognize.
Convex advised 1st Technologies, a leading global distributor of refurbished IT equipment, on a strategic sale to US-based Sprout backed by private equity firm Recognize.
1st Technologies – https://www.1st-tech.co.uk
Sprout – https://www.sproutup.com
Founded in 2014, Sprout is an emerging leader of global ITAD solutions, specialising in the retirement of complex hardware portfolios from the endpoint to the cloud.
Founded in 1997, 1st Technologies is a specialist recycler of IT equipment and reseller of refurbished IT equipment, specialising in desktop PCs, laptops, servers, and workstations, and associated components from HP, Dell, Lenovo, and other leading OEMs.
From their 20,000-square-foot warehouse based in Preston, Lancashire, each month the business processes in excess of 10,000 systems through trade, retail, and public sector channels. The company has grown rapidly on the back of strong multi-channel e-commerce growth (Bargain Hardware) and consistent trade and public sector sales (ICT-Direct), and they have a customer presence on every major continent.
1st Technologies’ strong organic growth has been underpinned by investment in several major projects, which include their ISO-certified management system, their Microsoft Dynamics ERP system, and their integrated industry-leading e-commerce infrastructure.
Their team is 70 strong, all based in its Ribble Valley headquarters, with a workforce drawn from ten countries.
