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News Private Equity 23rd Nov 2022

Freeths advise on the sale of leading provider of circular IT solutions to Canadian based company

National law firm Freeths has advised the managing shareholders of Stone Technologies Group on their sale to a Canadian-based company, Converge Technology Solutions Corp.

In 2019 Souter Investments invested alongside the company’s management. Since the investment Stone has grown strongly and expanded its range of products, services and solutions. This includes the roll out of the market leading Stone 360IT recycling app, which makes management of end -of-life technology simple, ensures responsible e-waste disposal, and allows customers to make progress towards their sustainability goals.

Converge Technology Solutions Corp. is a service-led IT and cloud solutions provider that delivers industry-leading Solutions. The Canadian company has multiple offices across the US and UK, unlocking the potential for Stone Technologies to increase its international footprint.

The Freeths corporate team, led by Lee Clifford and Olivia Johnson with support from Mohammed Abbas and Lasharna Barnett, assisted the selling shareholders of Stone Technologies. Alongside the Freeths banking team led by James Dyson and other market-leading multi-disciplinary lawyers at Freeths.

Simon Harbridge, CEO of Stone Technologies, commented “Freeths provided invaluable support throughout the transaction. Freeths have worked with us hand in hand over a number of years and have taken the time to really get to know our business. This was instrumental in achieving a smooth process from start to finish. Freeths’ support and advice during the transaction was exceptional.”

Lee Clifford, Corporate Partner and Head of Private Equity at Freeths, added: “It has been an absolute pleasure to work with Stone and the management team for a number of years and advise on this transaction. We have been a long-term partner to Stone and have witnessed first-hand the exciting growth of the business with its extended product and service line and in particular the launch of the market leading IT sustainability solution in Stone 360. There are exciting times ahead for the team as part of the global Converge Group.”

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