Managed services provider Apogee Corporation is planning further
acquisitions in the UK and Europe, following investment from Equistone Partners Europe in a transaction that values the company at £185 million.
Apogee employs more than 450 staff and operates from 14 office locations across the UK and Europe. It provides document technology and managed service solutions from multiple global brands, including Ricoh, Canon, Xerox, Konica Minolta and Kyocera, and this year has grown run rate turnover to more than £120 million.
Independent investment firm Equistone operates across the UK, France, Germany and Switzerland and typically invests between €25m and €125m of equity in businesses with enterprise values of up to €300m.
Jason Collins, who will remain joint CEO with Robin Stanton-Gleaves, said Apogee would use the investment to increase market share across the UK and Europe through organic growth and acquisitions.
He said: “Apogee is in a very strong position to capture a greater share of the UK and European managed services market and we will use the investment and partnership with Equistone to take the Company to yet another level and accelerate our growth. Significant acquisitions in the UK and further overseas expansion in Europe as well as continued organic growth are top of our agenda.”
As part of the deal, Equistone partners Steve O’Hare and Andrew Backen will join the Apogee board as non-executive directors.