Foxway acquires Greentech
Foxway has acquired the Norwegian market leader in reused IT equipment, Greentech AS (“Greentech”). The transaction is an important step in Foxway’s strategy to become the leading specialist in reuse, repair and sourcing of ICT devices in Europe.
Foxway is one of the largest specialists in IT lifecycle management in Northern Europe with offices in the Nordics, Estonia, Germany and Spain among other markets. Foxway group has an annual turnover of EUR 300M and employs more than 700 people. Greentech is the leading IT lifecycle business in Norway with more than 100 000 assets resold in 2020.
– We are thrilled to have so many experienced and highly skilled experts joining Foxway, which will further strengthen our capabilities in this growing market. Greentech is known for its high-quality operations, and for being one of the pioneers within the reuse, recycle and recommerce industry in Europe. Greentech’s management have a stellar reputation for upholding the best quality in its operations, and for proving how sustainability and profitability is the cornerstone of a circular business model, says Martin Backman, Chief Executive Officer of Foxway Group.
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 with even more affordable, high quality technology. Greentech operates the largest marketplace for used ICT equipment in Norway, which will help to further accelerate Foxway’s growth in the Nordics.
-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 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, says Martin Backman.
Greentech refurbishes disposed IT assets and sells it through its own channels and through other IT resellers. With a history that dates back to 1995, Greentech is today a well-known and established company in Norway and throughout Europe.
-The team and I are delighted to become part of the Foxway group. Together we represent a super strong force within sustainable ICT and the mission Greentech set out for in 1995 will be continued on an even broader scale. All partners, clients and customers will continue to be provided with best-in-class products and solutions from an even broader suite of services. This new chapter represents a turning point not only for the joint company but for the industry, says Steinar Aune, Managing Director and Founder at Greentech.
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 GmbH have joined Foxway, securing the group direct access to the largest market in Europe.
The integration plan has already started. Financial details from the transaction will not be disclosed.
GCA Altium acted as financial M&A advisor to the buyer and Hansen Law advised on the legal side. The due diligence was performed by BDO Norway and Thommessen.
Foxway´s ambition is to be the top leading company in Europe for sustainable IT services, and recycling. Our way is about changing and leading the development of digital society. To find the right way for our customers, and at the same time take care of the future. And with our unique sustainable business model we can. From the moment customers receive their new device until the day it’s carefully taken care of piece by piece. Along the way, we are creating digital life, developing the existing ones, fixing the broken ones and taking care of the really old ones. All steps are handled inhouse, which makes us one-of-a-kind on the market. For us people are in focus, and the value that our services and products give the enduser. We are always ready to run that extra mile and seek new answers for the public sector, for enterprises, and for our recommerce business. We are here to help companies find their way in digital life. It’s the Foxway of doing things.