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Clover set to hit $1.1 billion in revenue

November 21, 2014

The company’s CEO was interviewed about the business’ growth, and his career.

Jim Cerkleski, CEO of Clover

Jim Cerkleski, CEO of Clover

Chicago Business profiled Clover’s CEO Jim Cerkleski about the company’s growth from a cartridge remanufacturer worth $1.7 million (€1.3 million) to a global remanufacturer and reseller of phones, cartridges and “cell-tower equipment” that he has projected will see revenue in 2014 of $1.1 billion (€880.5 million).

Cerkleski’s career started out with the founding of an office supply company and photocopier dealership in the early 1990s, and Chicago Business notes that his “sideline as a professional bass fisherman […] led to the turning point in his business”, as when shopping for a boat, he was introduced to another businessman, who owned Clover, with Cerkleski becoming part-owner and then full owner in 2000, growing the company to revenues of $100 million (€80 million) by 2005.

Clover’s growth started anew in 2005, when the company took over a company with remanufacturing sites for cartridges in both Mexico and Portugal, and in 2010 San Francisco-based equity firm Golden Gate Capital bought 48 percent of the company. The site points out that among the numerous acquisitions made since, its purchase of a mobile phone recycling business in 2012, followed by a telecom equipment recycler last year have allowed it to “further broaden its reach”.

The company also recently launched a buyback programme for businesses that “want to upgrade their fleet of phones to Apple’s iPhone 6”, and recently released its sustainability report for 2013, in which over 70 million cartridges and four million phones were recycled or remanufactured. Cerkleski noted that he’s a “sales and marketing guy, and it’s a lot easier to tell a story when everybody wins”.

Jake Mizrahi, Managing Director of Golden Gate Capital, added that “we thought the infrastructure they created was something you could leverage to grow in that market segment and in other market segments”, stating that both he and Cerkleski  believe Clover’s business model “can be applied to any kind of expensive electronics equipment, from airplane parts to medical equipment”.

The company announced a strategic merger with fellow cartridge remanufacturer MSE in July this year, and previously acquired TRS Group, Dematec, OPRA, Pinpoint LLC, Depot America and ERS.

 

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