August 23, 2021 | Deals

GCA Altium advises Foxway on its acquisition of Greentech

GCA Altium acted as exclusive financial advisor to Foxway, one of the largest specialists in IT lifecycle management in Northern Europe, on their acquisition of Greentech, the Norwegian market leader in reused IT equipment.

Foxway has offices in the Nordics, Estonia, Germany and Spain, among other markets. The Foxway group has an annual turnover of EUR 300m and employs more than 700 people.

Greentech refurbishes used IT assets and sells them through its own channels and through other IT resellers. With a history that dates back to 1995, Greentech is a well-known and established company in Norway and throughout Europe that operates the largest marketplace for used ICT equipment in Norway and has resold more than 100,000 assets in 2020.

Foxway’s acquisition of Greentech strengthens its leading position in sustainable IT lifecycle solutions in Northern Europe and is an important step in the company’s strategy to become the leading specialist in circular IT, reuse, repair, recommerce and sourcing of technology devices in Europe. In Norway, both Foxway and Greentech are located in the city of Sandefjord, and Greentech’s employees now join Foxway to provide enterprises, schools and the public sector access to even more affordable, high-quality technology.

Martin Backman, Chief Executive Officer of Foxway Group, said: “Foxway is the leading platform for positive ICT disruption in Northern Europe, and together with our customers we strive every day to get closer to carbon neutrality in the IT sector. With Greentech, we are even better positioned to lead the way in pioneering sustainable and circular change in our industry, encouraging customers to make better procurement decisions and influence the creation of even more sustainable business practices.”

Commenting on the transaction and on working with GCA Altium, he added: “Once again, as a result of GCA Altium’s reach and knowledge of the circular IT market, we’ve been able to source and execute a landmark transaction for Foxway, marking the sixth deal we have done together. GCA Altium’s expertise and commitment to ESG and the circular economy is exemplary, and their market knowledge has once again facilitated a swift acquisition in this important area of sustainable technology.”

This is the second strategic acquisition in a short period of time for Foxway; earlier in May 2021, the group announced that the leading German recommerce specialist Flip4 joined Foxway, a transaction that GCA Altium also advised on.

This transaction marks the 27th ESG deal in Europe so far for GCA Altium in 2021 and is in an industry critical for the global sustainability agenda by making better use of resources and closing the loops on IT resource flows by fully recovering devices instead of wasting them. GCA Altium is a key partner in shaping Foxway’s M&A, circular economy and ESG strategies, and has previously advised the company (formerly known as Xllnc) on a series of deals since 2018.

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