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At the start of the year managed print specialist Apogee set out its ambitions to use 2016 as a period for growth. Not only did the firm set out its intentions to acquire more businesses but ended January by breaking through the £100m revenue barrier.
The firm delivered a 31% increase in turnover from £68m in 2014 to £89m in 2015, which was a figures that excluded the eight months of trading that Balreed carried out before it became part of the Apogee family. Once that business was added the turnover climbed to £112m.
With just a few months of the year left the talk of growth and acquisitions is only going to increase as a result of an investment from Equistone Partners Europe.
Equistone has valued the managed services player at £185m and usually invests between €25m and €125m on businesses that are valued up to €300m.
The investment will be used by Apogee to grow the business here and overseas and will provide the firm with a warchest for acquisitions.
Apogee will continue to be led by joint CEOs Jason Collins, who co-founded the company in 1993, and Robin Stanton-Gleaves. As part of the deal, Equistone partners Steve O’Hare and Andrew Backen will join the Apogee board as non-executive directors.
“Apogee is in a very strong position to capture a greater share of the UK and European managed services market and we will use the investment and partnership with Equistone to take the Company to yet another level and accelerate our growth," said Collins.
"Significant acquisitions in the UK and further overseas expansion in Europe as well as continued organic growth are top of our agenda and this will strengthen our position as the market-leading independent company for print and document technology and processes," he added.
O'Hare, partner at Equistone Partners Europe, said that Apogee had shown it could deliver the growth and it was backing a management team that understood the market.
"The additional funding from Equistone will be used to fuel further strategic acquisitions and expand its unique managed service operations to support its growing customer base. We look forward to working with the team and are excited about their plans to expand the business in new and existing territories," he added.