A Croydon business which helps companies manage their printing and copying needs has completed a hat-trick of acquisitions in the Midlands and South East.
DMC Canotec said it has bought Southampton-based Condor Office Solutions, Systems Technology, which operates in London and Kent, and Leicester & Nottingham based CSL Business Machines.
DMC, which is backed by Horizon Capital private equity, said the three were all long established and highly regarded operators, with good relationships with the likes of Canon and Konica Minolta.
The deals are part of a plan by the DMC group to consolidate the fragmented print and copier support (or MPS) sector and create a “market-leading” managed services provider.
Horizon Capital first invested in DMC in July 2018 and since then the group has made five acquisitions, diversified its offering and expanded its reach across England.
The group now supports more than 10,000 customers across the 海角视频 and generates revenues of £65 million.
DMC CEO, Simon Davey, said “Condor, Systems Technology and CSL are exceptional businesses and strongly complement our existing group.
“DMC continues to achieve considerable growth and we look forward to taking the business from strength-to-strength with Horizon’s continued investment and support.”
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CSL Business Machines, which is based in Hinckley Road, Leicester, has been providing print services across the East Midlands for more than 50 years and is a business partner with Konica Minolta Elite.
It has 32 staff and more than 1,700 clients and is the first Konica Minolta dealer acquired by DMC Conotec, which already has relationships with Canon and Sharp.
Andy Perkins, joint managing director at CSL Business Machines said: “DMC has established a fantastic reputation for providing exceptional service alongside transparent and ethical work practices.
“I am delighted to be working with them.”
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Provantage Corporate Finance acted as advisers to the shareholders of CSL and the deal was originated and led by David Browne and Sally Saunders.
Knights Plc acted as legal advisers to the shareholders, led by Martin Smith.
Michael Mathias, the other CSL joint managing director, said, “I am delighted to have passed the business on to a highly regarded company in the industry.
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“I can’t thank Provantage enough for delivering a deal which was right for us and for the business.
“The whole team were clearly committed to the process and worked tirelessly to transact a smooth, well-orchestrated deal.”
Sally Saunders of Provantage said, “CSL has provided exceptional service to businesses and has an unmatched reputation for MPS in the East Midlands.
“We are privileged to have had the opportunity to work with the shareholders and deliver a transaction which will benefit all stakeholders”.
Luke Kingston, partner at Horizon Capital, said “DMC was the first investment made by Horizon and we are delighted with the tremendous progress to date which is a testament to Simon and the team he has built.
“We will continue to support DMC in supplementing the organic growth of the business with high-quality acquisitions in what is a highly fragmented market.”
David Bayles, managing director at Condor, said “We are delighted to be joining forces with the DMC group – they share our customer-first values and passion for awesome service.
“They are bringing together the very best MPS companies in the 海角视频 and the true nationwide coverage can only be of benefit to our customers.”
Zana Gradus, managing director of Systems Technology said: “I am delighted to have joined forces with DMC who are a natural fit for our business with a focus on excellent customer service which we can now truly offer on a nationwide basis.
“As part of this great group this business will continue to thrive”.
Last year saw the group supplement its board with the recruitment of Paul Mitchell as chief operating officer having joined from Experian, and Phil Jan as mergers and acquisitions director having held multiple roles across acquisitive private equity backed businesses.