Clearwater International advises Tier 1 Asset Management on its refinancing to support growth
Clearwater International has advised Bridges-backed Tier 1 Asset Management (Tier 1), a pioneering circular economy business that specialises in IT asset disposal (ITAD) services in the UK, to secure a refinancing package with NatWest.
Tier 1 specialises in secure ITAD, refurbishment and recycling, helping to tackle the growing environmental challenge of electronic waste – of which 54m tonnes was produced globally in 2019.
Bridges’ Sustainable Growth Funds invested in the Manchester-based business in 2021, having been impressed by the firm’s technical expertise, sustainable vision, commercial potential and strong ESG focus.
The debt package provided by NatWest supports Tier 1 with an efficient capital structure and flexible terms by refinancing equity provided by Bridges in its acquisition of EOL IT Services (EOL) in May 2022.
The acquisition of Essex-based EOL, a highly accredited ITAD service and technology recycler, was an important step in strengthening the Group’s operational capabilities, expanding its geographical footprint and accelerating its growth.