South Korean company SK ecoplant is expanding its footprint in the ITAD industry with an agreement to acquire TES for $1 billion.
The deal, which was done in partnership with Navis Capital Partners, will close in the second quarter of 2022, according to a press release.
TES was founded in Singapore in 2005 and now has more than 40 facilities in 20 countries, including R2-certified facilities in Fredericksburg, Va.; Tucker, Ga.; and Tukwila, Wash.
Gary Steele, TES CEO, said SK ecoplant’s experience and “shared vision of a more sustainable world make them the perfect partner for TES.”
SK ecoplant has “long viewed the sustainable IT lifecycle market strategically as a means to help create a zero-waste, zero-pollution circular economy,” the press release said, so the acquisition of TES is a “key driver in accelerating its entry into the global market for environmental services.”
According to the press release, Navis has been working with TES for the past eight years and has helped TES grow into “an industry leader with an excellent management team, robust operational processes that have raised the bar for ESG compliance across the industry and a global network of facilities,” said Jean-Christophe Marti, Navis senior partner.