August 14, 2009
The IHC assets were purchased from its lender, Marathon Asset Management, through Intechra Group, LLC (Intechra), a newly formed company. Affiliates of Marathon have also become significant shareholders in Intechra by converting a substantial portion of Marathon’s debt in IHC to equity in the new company. The IHC management team will continue in place with Intechra.
“We are delighted with our investment in Intechra. By providing industry leading data security, environmental compliance and client service to many of the largest companies in the country, Intechra is a perfect fit with our broader mission to promote the growth of companies that enhance environmental sustainability,” said Robert Egan, a managing partner of ECP.
“This transaction validates our business strategy and confirms the market opportunity for responsible corporate electronics recycling and disposition,” Intechra CEO Michael Profit said. “Our relationship with ECP and Marathon will provide long-term financial strength and new growth capital for our business and enable us to build upon our leadership position by continuing to offer clients the highest level of service at a time when many others in the industry are struggling.”