Research Update: Lancaster Group Holdings
Sound basis for continued investment...VCs & PEs look elsewhere.
Ever since unicorns ceased to only be a mythical animal and became the moniker for what was supposed to be a statistical rarity among investors1, financial commentary too often focuses on huge investments and over-valuations from PEs and VCs. Whilst that serves some purpose, incumbent organisations can be overlooked, despite having founders who had early visions and who’ve been plugging away at their mission for years. Lancaster Group Holdings Limited (11190451), previously EcoRenew Holdings, has two such operating companies.
Recap
ICT Reverse Asset Management Limited (04736549) was founded in 2003 by Craig Smith (who made the Power50 List at the forthcoming Mobile Industry Awards2) and offers corporate mobile and device recycling services alongside other office electronic recycling and IT relocation services. Mazuma Mobile Limited (05909550) now also managed by Craig Smith under the Lancaster umbrella was founded in 2006. I might be wrong, but I think this puts Mazuma as one of the first consumer-focused buy-back companies out there. Regardless, their googly eyed robot phone dude has seemingly been around forever. In addition to the core B2B focus, Mazuma offers a business service although I’m unclear on the overlap with ICT.
2017 turned out to be a busy year for Hong Kong based Ecorenew Group, founded by Gary Lau, who acquired both of the above companies and set up a holding structure shortly after. Ecorenew have entities in the U.S., Japan, Dubai, Australia, and the Philippines, as well as an interest in UK-based Mobilise Technology, founded by Hamish White. There was another UK acquisition in 2017 of iMend.com which was then rebranded Mazuma Repair for a while but ceased to trade in 2019. After a bit of restructuring in November 2023, Ecorenew Holdings moved out from under its immediate parent and now sits directly under the Hong Kong holding company. It was subsequently renamed to Lancaster Group Holdings in July 2024.