£40m turnover office suppliers acquired in new deal

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A furniture retailer generating annual sales of almost £40m has been acquired in a new deal.

Equip4work, which is headquartered in Dumfries and has its main distribution centre in Stafford, was founded in 2004 and specialises in the sale of office furniture online under the brand name OfficeFurnitureOnline.

Over the last year the company generated almost £40m in sales which included items such as desks, chairs, cabinets as well as other warehouse and business equipment.

The company has been acquired by SDAX and Deutsche Borse Prime Standard-listed TAKKT, a Stuttgart-based B2B direct marketing specialist for business equipment in Europe and North America.

Felix Zimmermann, CEO of TAKKT, said: “OfficeFurnitureOnline is a great addition to our newly created newport group. This acquisition is the next step for us in our portfolio strategy to strengthen online activities.”

Equip4work will continue to be managed over the next three years by Martin and Michael Hutchinson, part of the family that founded the company.

In a joint statement they said: “We are very happy to have found a partner in TAKKT who will help us to continue and expand the strong growth of recent years. We believe that the cooperation and exchange with other companies of TAKKT and the newport group will provide many exciting opportunities.”

The deal was structured and led by Neil Worsley and Peter Cheney of corporate finance advisers, Convex Capital.

The sellers of Equp4work were advised by Gary Black, Daniel Rodgerson and Melissa O’Brien of Freeman Fisher and TAKKT was advised by a team led by Anthony Foster and Morgan Wood, of Travers Smith.