Forward advise the shareholders of EOL as it joins forces with Tier 1

Forward is delighted to have advised the shareholders of EOL IT Services as it joins with Tier 1, backed by Bridges Fund Management, to create one of the largest ‘full circle’ IT hardware businesses in the UK.

Essex-based EOL was founded by Jan Geoghegan 1996, and over the last 25 years Jan, other family members and her management team have built EOL into a highly accredited IT asset disposal (“ITAD”) service and technology recycler, with long-standing relationships with several Government departments and blue-chip clients.

Manchester-based Tier 1 specialises in secure ITAD and refurbishment, supporting a broad range of clients and helping to tackle the growing environmental challenge of ‘e-waste’. The merger gives Tier 1 an additional base in the South East via EOL’s 30,000 sq. ft. facility in Maldon, Essex, to complement its existing 40,000 sq. ft. facility in Whitefield, Manchester, while also significantly enhancing its shredding and logistics capability. This significant expansion will almost double Tier 1’s operational capacity, creating a business with revenues in excess of £25m.

EOL Managing Director Dan Smith will join the board of the combined Tier 1 Group, bringing with him more than 20 years of vital experience in the ITAD industry, both domestically and internationally, to accelerate the company’s growth.

Forward acted as lead advisor to the EOL shareholders, guiding them through the process from start to finish, ensuring the deal worked for all parties.

Commenting on the transaction Dan Smith said, “The professionalism and passion that Sarah and Will contributed to transacting the deal was second to none. They worked incredibly hard to support us through the process with clear, concise business advice, providing the shareholders with absolute confidence that we had the right team in our corner.”

Sarah Moores, Director Forward Corporate Finance commented “Jan, Dan and their team have built EOL into a very successful business. With Bridges backing, EOL and Tier 1 are a great combination, driving the sustainability agenda in the IT hardware sector. It has been a pleasure guiding them through the process and we wish Dan and his team every success in the future.”

Legal advice for EOL was provided by Alexandre Dean at Gepp Solicitors, tax and accounting support were provided by Cathy Sawyer and David Stevens from Taylor Viney Marlow.