July 6, 2015
Restore is a UK-based listed office services provider, while ITP, based in Reading in the UK, trades under ITP, Takeback and Office Green, and collects empty cartridges before selling them on to both remanufacturers and OEMs.
ITP commented on the deal: “Sadly this deal, whilst great for ITP, is not a deal of choice but of circumstances. Three years ago, our founder and Managing Director was struck by cancer, and then beyond all odds his wife was also struck with cancer last autumn, but devastatingly hers [is] terminal. They therefore took the tough decision to sell the business, so as to be able to spend more of what time they have left together.
“In Restore PLC, they have found the perfect partner for ITP’s legacy to continue, and they are very appreciative of Restore’s board and team for completing the deal quickly and efficiently. They will also be forever grateful to some of the amazing employees that have been part of their 20 year journey, as well as those customers and suppliers that have helped make ITP the envy of the industry.
“So it is with a heavy heart that they will, over the coming months, be saying a personal thank you and goodbye.”
David Connett, Editor of The Recycler, said of the deal: “This is a good deal for Restore, the new owners, who have taken a unique opportunity to access a valuable and dynamic industry sector and build additional value and services into their business. For remanufacturers it keeps in play a major and independent source of empties, and for the staff, many of whom have been with the company for many years, a positive future for the business. For the outgoing owners, they are leaving their 20 year-old ‘baby’ in good hands as they face the challenges ahead.”
Charles Skinner, CEO of Restore, said: “The acquisition of ITP further broadens the scope of services we offer our customers and enhances our presence in the recycling of office products. We believe this transaction provides us with another excellent platform for growth and the board looks forward to the contribution to the group that ITP will make.”
Categories : World Focus