Tuesday, February 4, 2020

ecoATM Gets New Investor

San Diego-based ecoATM, which develops automated kiosks for smartphone and other electronics trade-ins, said this morning that Cowen Sustainable Advisors has agreed to acquired a "significant minority stake" in the company, for $200M. According to ecoATM, Cowen Sustainable Advisors acquires the stake from Apollo Funds, which are managed by affiliates of Apollo Global Management, the company's majority owner. Apollo Funds remains the majority owner of ecoATM. According to ecoATM, Cowen Sustainable Advisors adds to members to the company's board of directors, Vusal Najafov and Ewa Kozicz, who are the co-heads of Cowen Sustainable Advisors. ecoATM says it now owns and operates approximately 4,300 automated kiosks across the Untied States, and has just installed 54 kiosks in the U.K. and Germany as part of an expansion into Europe. The company's kiosks allow consumers to trade in their mobile phones, which the company resells as used mobile devices. More information »