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M&A: Quantum Lifecycle Acquires Paragon to Boost ITAD, Tech Recycling Services

January 24, 2024 by Joe Panettieri

Quantum Lifecycle Partners, an IT Asset Disposition (ITAD) and e-waste recycling service provider, has acquired Paragon Bay Group -- which specializes in product fulfillment, testing, in-warranty repair, asset recovery, and forward and reverse logistics services. Financial terms of the deal were not disclosed.

This is M&A deal number 53 that Sustainable Tech Partner has covered so far in 2024. See all M&A deals involving sustainability, climate tech and green IT services listed here.

ITAD and E-Waste Reduction Services: Business Details

Gary Diamond, president, Quantum Lifecycle Partners
Gary Diamond, president, Quantum Lifecycle Partners

Quantum Lifecycle Partners is based in Toronto, Ontario, Canada. The company offers ITAD (IT Asset Disposition) and e-waste recycling solutions to businesses across that country. Paragon Bay, founded in 2014, is based in North Bay, Ontario, Canada. The company's IT services include:

  • Engineering (product integration, testing and more);
  • Forward logistics (warehousing; build to order, product fulfillment and more);
  • Reverse logistics (high volume repairs, complete refurbishing program, OEM warranty management and more);
  • Asset recovery, de-manufacturing, remanufacturing and refurbishing; and

Quantum gains 60 Paragon Bay employees; the acquisition lifts the buyer's overall headcount to more than 600 employees. Moreover, this is Quantum’s fourth acquisition since the company's inception, the buyer said.

Quantum Lifecycle Acquires Paragon: Executive Perspectives

In a prepared statement about the deal, Quantum President Gary Diamond said: “At Quantum, our vision continues to be to improve at every stage of an electronic device’s life, striving to enhance its usability and increase its lifespan. With the addition of Paragon Bay to our family, we not only expand our capabilities but also reinforce our commitment to providing comprehensive sustainable electronics lifecycle management solutions.”

Mark Shanahan, VP of sales and marketing, Quantum Lifecycle Partners
Mark Shanahan, VP of sales and marketing, Quantum Lifecycle Partners

Added Mark Shanahan, VP of sales & marketing at Quantum: “We look forward to building on the great relationships that the team at Paragon Bay has established. We are confident that it is a win-win-win for Paragon Bay associates, Quantum, and our customers who are focused on circularity and sustainable management of their device lifecycle. Our increased ability to provide unique and bespoke solutions will translate to added partner benefits.”

ITAD Market Growth Forecast, M&A Trends

Quantum's ITAD focus is easily explained: Annual spending on ITAD is expected to reach $34 billion by 2030, up from $16.8 billion in 2022, according to Research and Markets. That's a 9.2% compound annual growth rate (CAGR), the researcher said.

M&A activity in the ITAD market has been strong. Buyers in the sector include Apkudo, Closed Loop PartnersFull Circle ElectronicsElemental HoldingIron Mountain and TD Synnex, among others.

Kevin Corrigan, executive director, US Channel ITAD, Ingram Micro
Kevin Corrigan, executive director, US Channel ITAD, Ingram Micro

Three market trends are driving ITAD demand, according to Kevin Corrigan, executive director for US Channel ITAD at Ingram Micro. In a December 2023 interview, Corrigan pointed to such ITAD drivers as:

  • Environmentalism and carbon reduction: Partners and customers are increasingly aligning with internal goals and government mandates to reduce their carbon footprints.
  • Data privacy and security: Partners and customers want to ensure that data is truly wiped clean from used equipment.
  • Asset recovery value: ITAD allows technology to be reused, recycled, donated, or sold through the circular economy.

More ITAD trends should emerge at the ITAD 2024 conference, scheduled for July in Miami, Florida.

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