Corporate finance team helps conclude latest deal for IT and tech group
A Manchester corporate finance specialist has advised on an international acquisition between Danish IT and tech group EET and surveillance and security distributor, Oprema.
EET, which has a London operation, has acquired Oprema, the fastest growing distributor of CCTV, access control, intrusion, fire, and networking products in the UK, for an undisclosed sum.
Oprema, based in Cardiff, will strengthen and accelerate growth in EET’s surveillance and security segment.
Oprema, founded in 2010, and employing more than 50 staff, posted a 29% increase in revenues to almost £24m in 2020.
The UK is the largest surveillance and security market in Europe, and the sixth largest in the world.
EET Group chief executive, Søren Drewsen, said: “The combined Oprema and EET surveillance and security activities in the UK creates a serious player in the important and fast-growing UK market and an excellent platform for continued strong growth.
“Oprema is a very well run company, and has demonstrated solid, profitable growth for several years. With this acquisition, surveillance and security becomes the biggest segment in the EET Group, accounting for more than 20% of total sales.”
Oprema is EET Group’s 26th acquisition since 2015 and the second in 2021, but, unlike most earlier cases, Oprema will continue to operate under its current brand.
Chief executive and founder of Oprema, Matthew Epps, said: “EET Group is a perfect partner for Oprema, sharing our focus on value-adding services and commitment to improving the efficiency of the installation and maintenance process. At Oprema, we are excited to become part of a well renowned European IT distributor, and I am convinced that we together can continue our strong growth trajectory.”
Manchester-based sell-side corporate finance firm, Convex Capital, advised the shareholders of Oprema, with a team led by Isaac Asamoah, Indy Singh, James Edge and Warren Meggitt.
Legal advice was provided by the corporate team at Primas led by Gary Black and Melissa Welch.
Convex was acquired in September 2019 by London law firm Rosenblatt in a deal worth £22m. At the time of the deal, Convex generated revenues of £8.7m and profit before tax of £4.3m.
Rosenblatt said it intended to use Convex’s Manchester base to create a new regional business hub.