PE firm backs £120m turnover document firm
MANCHESTER-based private equity firm Equistone Partners Europe has invested in £120m turnover Apogee Corporation in a transaction valuing the company at £185m.
Apogee said it will use the investment to increase market share across the UK and Europe through organic and acquisitive growth.
The Maidstone-based provider of print and document technology employs more than 450 staff across the UK and Europe, and has a large office in Heald Green.
It will continue to be led by joint chief executives Jason Collins, who co-founded the company in 1993, and Robin Stanton-Gleaves. As part of the deal, Equistone partners Steve O’Hare and Andrew Backen will join the Apogee board as non-executive directors.
Jason Collins, joint chief executive of Apogee 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 and this will strengthen our position as the market-leading independent company for print and document technology and processes.”
Steve O’Hare, partner at Equistone Partners Europe, said: “Apogee has shown impressive year-on-year growth.
“The additional funding from Equistone will be used to fuel further strategic acquisitions and expand its unique managed service operations to support its growing customer base. We look forward to working with the team and are excited about their plans to expand the business in new and existing territories.”
The shareholders of Apogee were advised by Mike Driver and Nathalie Hodgkinson (Convex Capital) and the Manchester team at Rothschild, led by Tim Morris. Equistone was advised by Deloitte in Manchester (Andy Westbrook and Olly Tebbutt) and Pinsent Masons (Andy Phillips).
