Stake in UK mobile phone recovery, recycling and distribution specialist offers Foxconn ‘ideal gateway’ to the European market
Foxconn Technology Group has acquired 20 per cent of Bamboo Distribution for an undisclosed fee.
Hertfordshire-based Bamboo, which provides handset refurbishment services in 17 countries, and has contracts with a number of UK operators, said the investment into the company is based on a number of factors.
These include Bamboo’s compliance with all environmental and data protection regulations, the company’s current and projected growth expectations, its operational capabilities and specialised knowledge of the mobile buy-back, reconditioning, distribution and recycling sectors.
Bamboo Distribution managing director Juney Mistiki (pictured) said: “Foxconn recognised the value we are already providing our customers, Following extensive talks with Foxconn, we demonstrated why we were the right choice to help drive its expansion into Europe.
“Our customers will immediately benefit from the direct access we now have to one of the most successful electronics manufacturing companies in the world.”
As part of the acquisition, Foxconn vice president Paul Chou, who is based in the US, joins Bamboo’s board of directors. He has been at the company for 13 years, helping to set up and manage operations globally to support the expansion of various Foxconn businesses.
Bamboo Distribution offered us the ideal gateway to the European market – the company was a natural fit,” said Chou. “It was clear from our discussions that the company’s customers have complete confidence in Bamboo Distribution’s services and its operations contain the capacity required to take advantage of the growth predicted in the sector.
“Our investment will enable us to gain a strong foothold i Europe through an established provider that is well respected in the industry.”
Foxconn’s investment comes after Bamboo signed a strategic partnership with NC-IH in March to set up and offer repair services across the UK and Europe, offering the potential to treble revenues to £105 million within two years.
Last year, Bamboo reported revenues of £34 million – up from £27 million in 2013.