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Apogee

Apogee is a leading European independent provider of managed print services.

Founded in 1993, Apogee supplies outsourced document solutions, including printing, scanning, electronic storage and workflow.

During the investment period, Apogee has expanded its presence in the UK, Germany and Ireland, demonstrating strong organic and acquisitive growth, with the successful integration of six build-up acquisitions. Revenue increased from £127m to £256m budgeted for the year ending December 2018. The workforce has been strengthened significantly, with employee numbers increased from 450 to over 1,000.

VALUE CREATION

With Equistone’s support, Apogee has continued its organic and acquisitive growth strategy and in March 2017 it completed its largest acquisition – Danwood – which created one of the leading independent providers of managed print services in Europe. A further five acquisitions were also completed in the investment period:

  • Hibernian Business Equipment and Direct Business Systems were acquired in 2016, which strengthened Apogee’s presence in Ireland and Scotland.
  • CityDocs was acquired in December 2016 and expanded Apogee’s offering to include outsourced reprographics and specialist ‘e-Disclosure’ services. It also strengthened its client base amongst large law firms.
  • Clarke Office Solutions was acquired in June 2017.
  • Apogee’s presence in Germany was strengthened with the acquisition of KKR in October 2017.

THE EXIT

Equistone sold its Fund V investment in Apogee to global IT services provider, HP, at an enterprise value of £380m, versus the 2016 investment enterprise value of £185m.

 

HOLDING PERIOD

Sep 2016 - Nov 2018

Country

UK

Business Description

Support Services

Revenue Progression

£127m / £256m

Employees at ACQ.

450

Investment Type

Primary MBO

Apogee 1

It has been a really successful partnership with Equistone. We have worked closely with them to execute on opportunities that have considerably strengthened our position in the UK and continental European markets.

ADD-ON ACQUISITIONS

Kopiervertrieb Rhein-Ruhr GmbH (Germany)
Oct 2017
Clarke Office Solutions
Jun 2017
Danwood
Mar 2017
CityDocs (UK)
Dec 2016
Hibernian Business Equipment (Ireland)
Nov 2016
Direct Business Systems (Scotland)
Oct 2016