Kelway has announced a buy-out of all the shares held by Core Capital, a long-term backer with a 29% stake in the company.
As part of the management buy-out, one of the largest resellers in the United States, CDW Corporation, will take a minority stake in Kelway.
Core Capital became a shareholder back in 2006, investing £8.5m over a period of eight years. The investor will now receive £76m to walk away. MD Dan Laws and founder Phil Doye are to remain the majority shareholders in the company.
Kelway and CDW now plan a tighter integration, extending global supply chain services in both Europe and North America.
“[This] announcement is a significant one and combined with the investment from CDW will enable us to accelerate towards our £1bn revenue goal.” said Phil Doye, Kelway CEO. “Having worked with CDW for over 18 months on joint client opportunities, this investment feels like a natural next step in our partnership.”
Kelway has had a strong financial year with £526m in revenue, a 49% increase from 2013. CDW had net sales of close to $11bn in 2013.