Lincoln print services firm sold for £380m to global giant

A Lincoln print services firm has been sold to HP Inc, the New York Stock Exchange listed giant, for £380m.

Apogee, which employs some 100 people in Lincoln, and also has offices in Manchester, Birmingham and Wakefield, has been backed by private equity firm Equistone since September 2016 and is Europe’s largest independent provider of print, outsourced services, and document and process technology.

“The Apogee acquisition extends HP’s print leadership by boldly leveraging the industry shift to contractual sales as we aggressively pursue the A3 office market,” said Enrique Lores, president, HP imaging and print. “We’re augmenting our go-to-market and enhancing our ability to deliver the services necessary to win in the profitable contractual market. This deal complements our broader channel strategy and HP remains committed to building our business through our best-in-class partner program.”

The deal is expected to be finalised by the end of this year. Apogee will continue to operate as an independent subsidiary of HP, with a board made up of HP and Apogee management.

The deal was led from Equistone by Steve O’Hare.

Apogee bought fellow Lincoln firm Danwood in March last year.