- Period: January 2024
- Category: Acquisition
In another transaction, ITAD vendor Sprout, formerly known as SMR Worldwide, closed its deal on the acquisition of assets in the south and south-central regions, previously owned by CircleIT, which used to be known as HiTech Assets. The acquisition deal was announced in October 2023. Among the reasons cited by the company for the asset acquisition are both CircleIT’s platform for tracking and reporting sustainability metrics, which Sprout calling the deal as transformative for its business growth, and two facilities, bringing the sites in Memphis, Tenn., and Oklahoma City, Okla. Under Sprout’s umbrella. Both sites have been idle. Sprout history has been marked by brand identity changes, starting with its original name of Smart Metals Recycling changing to SMR Worldwide in 2019. The brand identity of the company remains unsettled with its website’s footer section saying: “Smart Metals Recycling, LLC dba Sprout.”
Announcement: https://resource-recycling.com/e-scrap/2024/01/10/sprout-acquires-assets-of-oklahoma-city-based-circleit/