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There is a sense of inevitability that one of the most acquisitive managed print services experts would find itself targeting one of the other most well established firms operating in the market.
Apogee has made a string of acquisitions over the past few months but it is the move for Danwood that will seal its status as the major print managed services player in the U.K. Market.
Danwood is the largest acquisition that Apogee has made and will give the firm annual revenues of around the £250m mark bringing an additional 10,000 retained and 8,000 transactional customers.
The deal will not have an impact on the senior team at Apogee with joint CEOs jason Collin s and Robin Stanton-Gleaves continuing to run the group post acquisition.
There could however be an impact on Danwood staff with news outlets in Linconshire, near the firm's 400 strong site in Lincoln, reporting that a fair few people could be made redundant as a result of the deal.
For Apogee the addition of Danwood is not just about the potential to stamp its authority on the UK market but also supports the firm's European ambitions.
“This significant acquisition for Apogee provides us with the scale and reach to be a leading player in the European market for managed print services. Danwood has terrific strengths that complement Apogee’s offering and strategy, including a large client base of major corporate businesses, government and public sector organisations, and a strong service network that will increase the Group’s coverage and capacity to support its clients across the UK and continental Europe," said Collins.
With Danwood added the focus of the Group, according to Stanton-Gleaves, will be to extend the reach, "in pro-active managed services and advanced workflow solutions".
Danwood is the fourth acquisition made by Apogee since last September, when it secured investment from Equistone Partners Europe and the plans are to continue to make strategic purchases to bolster the position in both the UK and Europe.
A string of deals
Since gaining access to backing from Equistone Partners Europe the corporate cheque book has been deployed on various occasions:
October 2016 - Glasgow-based printer provider Direct Business Systems is acquired
November 2016 - The focus moves to Ireland with print management player Hibernian Business Equipment being picked up
December 2016 - before the year ends there is time to snap up document outsource player CityDocs