A Richmond company that gives used electronics a new lease on life has a new owner.
2nd Solutions, a Scott’s Addition business that refurbishes items such as smartphones and laptops and ships them around the world, was acquired this month by a firm in New Jersey.
AERC Recycling Solutions paid an undisclosed price for 2nd Solutions, which was founded eight years ago by Michael Feibelman.
The 2nd Solutions name will remain, and the company will keep its 50,000-square-foot production facility, Feibelman said.
“We’re two very like-minded organizations,” Feibelman said. “And we provide expertise in the mobile arena, something that AERC was looking for.”
AERC recycles batteries, lamps and other electronic waste and has a facility in Ashland. The deal between the two firms has been in the works since the summer. Feibelman said he received offers from three companies.
In 2012, 2nd Solutions restored more than 1 million cellphones. Feibelman said the company is looking to triple that number this year.
2nd Solutions buys end-of-life phones from several national wireless carriers and sells them to businesses around the world. If a device can’t be saved, 2nd Solutions sends it to a smelter rather than a landfill.
“A lot of people don’t realize it, but, in addition to components like gold and silver, cellphones have some toxic elements,” Feibelman said. “So that’s a million cellphones that won’t end up in the environment.”
To keep up with demand, Feibelman said he would increase the size of his staff to about 100 from 30 by the end of 2014.
Great to hear about a local entrepreneur who’s business has enriched himself and his employees, and protected our environment at the same time.
One million cell phones restored in 2012? That’s impressive, especially with only 30 employees and because they do other services beyond cell phone restoration.
One million cell phones between 30 employees is over 33,000 cell phones each, or about 91 per day (with no days off), or about 11 per hour per employee. That means they spend 5 minutes restoring each phone.