A £380 Million pound sales of Apogee to HP has been agreed following arrangements made earlier in 2018.
Apogee offers scanning, printing and workflow solutions to businesses all over the world, working with companies like Ricoh, Canon, Xerox as well as current purchasers HP. Before the purchase, Apogee had itself acquired 4 businesses in the past two years including Clark Office Solutions, CityDocs, Danwood Group, and Germany-based Kopiervertrieb Rhein-Ruhr GmbH.
Apogee grew its turnover to £250 million in 2018 and now hires more than 1,000 staff over 25 office locations in the UK and Europe.
In the deal, Apogee will continue to operate as an independent provider, led by its joint CEOs, Jason Collins and Robin Stanton-Gleaves.
In an interview, Collins said: “We have worked closely with our equity partners to execute on opportunities that have considerably strengthened our position in the UK and continental European markets.”
“It has been a really successful partnership with Equistone and the acquisition is recognition of their support and the commitment and professionalism of the whole team at Apogee.”
“It is testament to the strength of the team that Apogee caught the eye of one of the largest tech companies in the world and we are confident Apogee will continue to prosper under ownership of the enlarged group,” added Equistone’s Andrew Backen.
A group of European regulators cleared the HP Apogee deal last month, having said that it found the overlap of the companies’ activities on the market for the supply of regular format printers “very limited” and that a “number of strong players” would remain in the market post-merger.