Why this deal, why now
Eurazeo is using its Planetary Boundaries Fund (EPBF) to turn circular IT from an ESG narrative into an investable consolidation theme. By backing the combination of Netherlands-based Flex IT with T1A, EPBF is underwriting a platform model built on refurbishment, reuse and IT asset disposition (ITAD) at a moment when enterprises are under sustained pressure to reduce e-waste and evidence circularity outcomes.
The transaction
Eurazeo’s EPBF and Dansk Vækstkapital have acquired Flex IT in a EUR 150 million deal, according to a 7 September 2026 announcement cited by Tech.eu. The transaction backs the combination of T1A and Flex IT, creating what the parties describe as a pan-European circular IT platform.
The announcement positions EPBF as majority shareholder, with Dansk Vækstkapital joining as a value-add minority investor. Flex IT is headquartered in Leiden, Netherlands, making the deal explicitly cross-border in both ownership and ambition.
What Flex IT brings to the platform
Flex IT markets a broad circular IT offering spanning distribution, rental, demo services, buy-back, refurbishment and ITAD. The company says its model keeps equipment out of e-waste by securely processing hardware and giving it a second life.
On its solutions materials, Flex IT highlights buy-back and ITAD as tools to recover residual hardware value, reduce e-waste, and help customers meet ESG and circularity goals. That breadth matters: a platform that touches multiple points in the device lifecycle can capture more margin pools and build stickier enterprise relationships than a single-service refurbisher.
Strategic lens: impact capital meets buy-and-build
EPBF was launched in 2024 as a thematic impact buyout fund focused on regenerative and circular economy investments, targeting at least EUR 750 million in fund size, according to Eurazeo. Eurazeo’s materials also describe EPBF as pursuing buy-and-build in fast-growing, profitable European companies.
This deal fits that playbook. The Flex IT-T1A combination is presented as a European circular IT platform with about EUR 150 million in revenue, suggesting an initial scale point designed to support a continued roll-up.
The structure also signals a broader trend: cross-border impact and growth capital syndicates are forming around circular economy assets that can be scaled through M&A. With EPBF majority-owned and Dansk Vækstkapital minority, governance and capital structure appear set up for follow-on acquisitions.
Integration and execution questions
The industrial logic is clear, but platform roll-ups in services-heavy circular IT depend on integration discipline.
Key questions for the new group include:
- Operating model alignment: How will refurbishment standards, grading, and secure processing be harmonised across sites to protect margins and customer trust?
- Systems and traceability: Can the group deliver auditable chain-of-custody and reporting that enterprise clients increasingly require for ESG and compliance?
- Go-to-market overlap: Where do customer segments and geographies overlap between Flex IT and T1A, and what is the plan to avoid churn during integration?
- Procurement and supply: What portion of hardware supply is contracted versus opportunistic, and how resilient is input availability through cycles?
What to watch next
- The group’s integration roadmap: systems, leadership structure, and unified operating KPIs.
- Evidence of a bolt-on pipeline consistent with EPBF’s buy-and-build strategy.
- Any disclosed geographic expansion priorities beyond the Netherlands footprint.
- How the platform positions compliance, security and ESG reporting as differentiators in ITAD and refurbishment.
- Further detail on governance between EPBF as majority owner and Dansk Vækstkapital as minority investor.