Press release takeover Re-tek

Zoetermeer, January 2024 – Circular IT group expands industry footprint and leadership in ITAD through the strategic acquisition of Re-Tek Ltd.

Circular IT group is pleased to announce the acquisition of UK-based Re-Tek Ltd, a market leader in ITAD services. As Maarten de Roos, CEO of Circular IT group, states: “This is an important step for our organisation and one that strengthens the competitive position in IT life-cycle Management services. Re-Tek Ltd has an excellent reputation and track record, a strong client portfolio and is highly complementary from multiple perspectives enabling our vision to make IT circular as Circular IT group.”

Circular IT group and Re-Tek already have a long and solid history of working together through a successful partnership between our ITAD subsidiary CTC and Re-Tek, dating back several years. Re-Tek’s fully accredited global partner network is unrivalled and together, Re-Tek and Circular IT group can process IT disposals on a global scale, significantly broadening our service scope meeting the highest standards in certification and compliancy. We share a commitment to service and quality, delivering unrivalled value for our customers and creating a more sustainable IT industry. Re-Tek has a very experienced Leadership Team, and the group will benefit from this seasoned group of people combining the best people from both companies.

Over the coming weeks and months, the plotted integration process will ensure a smooth transition for all stakeholders. The success of our integration effort will be driven by the effective teams approach enabling the seamless delivery of value to our customers and results to our bottom line. We appreciate the ongoing support of our shareholders, customers, and employees in our journey of establishing a true market leadership position in our industry. We are looking forward to embracing the opportunities and growth that this step will bring, and we are confident that the combined strengths of Re-Tek and Circular IT group will contribute to creating a dynamic and successful organization for years to come.

Kevin Culligan, Re-Tek Founder and majority shareholder: “I was impressed with the strategy that Circular IT group has for the years ahead and their growth over a short period of time. Their focus on continuing to develop a tangible ESG service to a broad range of clients and sectors was perfectly aligned with Re-Tek’s established legacy in global lifecycle services. The acquisition is an ideal succession for Re-Tek, as it becomes part of a major organisation in Europe, providing many more opportunities for the org and this will complement its global partner network therefore guaranteeing its future in an exciting and dynamic sector.”

Gordon Lowrie, Managing Director Re-Tek: “The acquisition of Re-Tek by Circular IT group presents an excellent opportunity to continue to grow in a dynamic sector that has seen considerable movement and consolidation over the last few years. Circular IT group has impressed us with their approach towards the challenges presented within the Circular Economy, alongside sharing similar values to Re-Tek on how to tackle these in a sustainable and environmentally focused way. As we transition into the future as part of Circular IT group, the prospect brings exciting opportunities for growth and innovation. I have no doubt that this new phase will bring about even greater success for all involved at Re-Tek and Circular IT group. The whole team at Re-Tek and I are delighted to be joining our new colleagues at Circular IT group and embarking on this new and exciting period ahead of us.”