Akciju Sabiedriba ELKO Grupa (ELKO Group), a region’s leading distributor of IT and consumer electronics products, through its subsidiary, Gandalf Distribution AB, today has concluded a Sales and Purchase Agreement for the purchase of 78.95 percent of the shares in Renewed AB, a fast-growing Sweden-based electronics recommerce player.
Renewed AB is an established company in the refurbished device space with attractive offerings to its partners, diversified sales channels, and highly scalable operations covering the complete device lifecycle. The comprehensive product range includes smartphones, tablets, smartwatches, laptops and accessories. The company is headquartered in Stockholm with a regional network of suppliers and service partners and has achieved EUR 12.3 million in sales in 2024.
The global refurbished electronics market is experiencing rapid growth, driven by increasing consumer demand and sustainability initiatives. Research firms project the market to expand at a CAGR (Compound Annual Growth Rate) exceeding 10% from 2024 to 2030.
The acquisition of Renewed AB is a strategic step by ELKO Group to enter the circular economy segment.
“While recommerce growth is consistently outpacing new device sales over several years now, we see that it brings increasing complexity to our channel partners, requiring a specialist know-how to ensure that this segment demonstrates solid performance,” said Svens Dinsdorfs, CEO of ELKO Group. “The story of Renewed – growing bootstrapped and creating innovative and scalable offerings to market-leading Nordic players is, in our view, a perfect recipe to be expanded across ELKO's existing geography and beyond. We see that the combination of ELKO’s infrastructure and market reach with Renewed’s know-how and ambition will enable our partners to become successful recommerce market participants.”
Benjamin Kibebe, CEO of Renewed on objectives joining ELKO Group: “In the past two years, Renewed has grown into a leading recommerce player with a strong brand, diverse capabilities, and a solid presence across multiple sales channels. Looking ahead, we see great potential to strengthen our D2C platform and B2B partnerships further. To accelerate this next growth phase and expand into international markets, we are excited to join forces with ELKO Group, which brings industry expertise and the resources to unlock new synergies. This partnership marks an important milestone in our journey, allowing us to scale faster and drive even greater impact in the recommerce sector.”
In the transaction, Renewed AB was advised by the investment bank Merge on M&A matters and by Eversheds Sutherland on legal aspects.
About ELKO Group
The ELKO Group is one of the region's largest IT and consumer electronics product and solution distributors, representing 350 IT manufacturers. The company provides a wide range of products and services to more than 10 000 retailers, local computer manufacturers, system integrators and enterprises within various sectors in 13 countries in Central Eastern Europe and the Nordics.
About Renewed AB
Renewed is a fast-growing and sustainable challenger within electronics recommerce in Sweden. The company has established a strong market position in an attractive and growing niche. Established in 2019, the company has built specialised know-how and scalability, becoming a trusted partner for sourcing, refurbishing and selling devices in the Nordic market.