Private equity investor Equistone Partners Europe has slurped a stake in managed print and document services slinger Apogee Corporation.
Maidstone-headquartered Apogee employs around 450 staff across 14 offices in the UK and mainland Europe selling hardware and managed services on kit from Canon, Xerox, Konica Minolta and Kyocera.
Co-founders Jason Collins and Robin Stanton-Gleaves will continue to captain Apogee, and Equistone partners Steve O’Hare and Andrew Backen will join the board.
Financial terms of the transaction were undisclosed but Collins said in a statement that the money will be used to fund expansion.
“Significant acquisitions in the UK and further overseas expansion in Europe as well as continued organic growth are top of our agenda,” he said.
Apogee counts some blue chip businesses among its customer base including fast food giant McDonalds, which bought a print infrastructure and managed service, as well as fashion label Ted Baker, PC maker Dell and BDO.
In calendar 2014, Apogee turned over £66.1m, up from £60.2m in the prior year and reported operating profit of £7.47m versus £1.4m. In 2015 the firm bought fellow print managed print services business Balreed Group.
Equistone, which has investment in the UK, France, Germany, and Switzerland, said today that Apogee was currently on track to achieve £120m in revenues this year.
The cash injection valued Apogee at £185m, the parties said. ®