| Date: | May 2022 |
|---|---|
| Project: | Business Sale |
| Sector: | Business Services |
| Role: | Lead advisor to the shareholders |
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.