StewardEdge and its shareholders have signed a letter of intent to sell a majority of shares in the company to the Reclay Group.
The primary objective of the deal with the Reclay Group is to better position both companies for growth. By joining forces with the Reclay Group, StewardEdge says it will have an increased capacity to provide clients with a wider range of sustainability services across a broader range of geographic regions.
“By joining forces we are able to better service our current clients as well as future clients whose needs increasingly span continents and not only states or provinces,” said StewardEdge President Derek Stephenson. “We have a strong base of experience developing product stewardship and sustainability services for our clients.”
StewardEdge says recycling and the management of end-of-life products and packaging has quickly become a global enterprise with secondary materials flowing between continents.
By combining the companies there will be more global reach along with a broader suite of services to grow the organizations into the future.
“With the agreement of StewardEdge to join with us, the Reclay Group is taking an important step in the expansion of business activities globally,” said Raffael Fruscio, Reclay Group shareholder. “Combined with our own offices in Germany, Austria, Switzerland, Slovakia, the Czech Republic, Hungary and Slovenia, we are now able to offer transnational product stewardship solutions for our customers.”
StewardEdge will continue to operate out of its Canadian and U.S. offices and there are no anticipated changes for staff or operations. The integration of European, Canadian and U.S. expertise will take place over the coming weeks and months.
The new transaction is expected to be completed by November 1, 2012, subject to final legal agreements.