Secure IT disposal specialist EGO Technology has secured a £3.1m term loan from growth capital provider Growth Lending to facilitate the acquisition of Ucan Secure IT.
The deal is set to enable both companies to continue delivering sustainable IT disposal and recycling services.
Burton-based EGO Technology and Bradford-based Ucan Secure IT jointly employ around 50 people and specialise in secure data erasure, recycling and resale of redundant IT equipment.
Both businesses operate a zero-waste policy and uphold strong environmental, social and governance (ESG) principles by ensuring that hardware is responsibly managed through either resale or recycling.
EGO Technology says the acquisition is an opportunity to expand the group’s combined offering in the waste electrical and electronic equipment (WEEE) sector and further support the circular economy.
“Navigating the complexities of an acquisition requires expertise and dedication. We extend our sincere gratitude to the teams at both Growth Lending and HMT,” said Ian Austin, EGO Technology CEO.
“Their invaluable guidance and support were instrumental in successfully completing the acquisition of Ucan Secure IT.
“This is a dynamic addition to the EGO group portfolio, and we look forward to working together to drive growth and capitalise on developing further acquisition opportunities within the dynamic WEEE waste industry.”
Katherine Woodfine, director of debt finance at Growth Lending, added: “We are pleased to support EGO Technology in this milestone acquisition. The company’s strong ESG focus, passion for sustainability, and zero-waste operations perfectly align with our commitment to backing high-growth, responsible businesses.
“We look forward to witnessing EGO Technology and Ucan Secure IT thrive together as they expand their services and uphold the highest environmental standards.”
The transaction was supported by HMT Corporate Finance, Shoosmiths and PKF Francis Clark.