430-strong Wolverhampton firm sold in £61m deal
Wolverhampton-based information management company EDM Group has been sold to listed counterpart Restore in a deal worth £61m.
EDM turned over £31.4m and had an EBITDA of £6.3m for the year ending March 31 2020. The impact of COVID resulted in lower revenue and EBITDA of £26.1m and £4.4m respectively for the year ended 31 March this year, but Restore says the firm will return to 2020 levels of trading over the next 12 months.
Charles Bligh, chief executive of Restore, said: “I am delighted with the acquisition of the EDM UK business and the value this will create for shareholders. EDM is a business that is well known to us, it is well invested with a loyal customer base and a terrific team of over 430, each of whom we welcome into the Group today. Bringing EDM’s scale and capabilities together with ours will deliver even better offerings for customers and build an even stronger UK player in the management of physical and digital data.
“This acquisition is in line with the growth strategy of the business outlined over the last two years, which is to grow our Records Management business and to enhance the product portfolio and market share in Restore Digital.”