Electronic devices recycler Clover Technologies explores sale

Clover Technologies Group is exploring a sale that could value the world's largest collector and recycler of electronic assets and telecommunications devices at around $1.5 billion, including debt, Reuters yesterday reported, citing people familiar with the matter.

US private equity firm Golden Gate Capital, which holds a controlling stake in Clover, has hired investment bank Morgan Stanley to help run an auction for the company, the report said.

San Francisco-based Golden Gate Capital had acquired Clover and West Point Products in 2000 and later merged West Point Products with Clover.

Founded in 1996, Illinois-based Clover specialises in the recovery, refurbishment, remanufacture, and sale of electronic assets, including toner and ink cartridges, wireless devices, personal electronic devices, and telecommunications equipment globally.

It provides laser, color laser, ink, and extended yield cartridges; MICR, printer parts, postage meters, bio-based toners, and impact and thermal transfer ribbons; technical support services; programs and services; and recycling solutions.

It has 19,000 employees, 60 manufacturing, collection and sales locations across 19 countries.