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Getronics is starting life with a fresh owner after Aurelius sold it off for €220m to Bottega InvestCo ending a five year association with the ICT service provider.
Under the ownership of Aurelius the Getronics business was swelled by around six acquisitions, including Colt's managed cloud business last April.
Over its years in control Getronics has been re-positioned as an SME specialist providing IT and comms support with a decision taken to focus on next-generation workspaces, applications and cloud services to go after higher margin business.
The firm was able to get a greater global presence through the reconfiguration of the Global Workspace Alliance and the partnership with US firm CompuCom. With members of the GWA all offering a standardised service it was easier to pitch to new customers and get access to growth opportunities.
The success of that strategy can be seen in the position Getronics holds as the highest exit to date that has been enjoyed by Aurelius. The business that Bottega has picked up brings in revenues of €500m, operates in 20 countries and employs 4,500 employees.
"The positive development of the Getronics Group under Aurelius' ownership is clear proof of our ability to develop once neglected peripheral business into highly successful, independent companies through the intensive work of our operational task force in combination with a sustainable expansion strategy," said Dr Dirk Markus, chairman of the executive board of Aurelius Equity Opportunities.
The new owners Bottega is backed by majority shareholder Nana Baffour, who has experience in the IT world , making investments in the US and South America.
"The Getronics Group is of a significant scale and very well positioned with an innovative solutions portfolio that is aligned with client needs and the impact of technology in the changing world. We will build on the excellent work of Aurelius and systematically continue to align the Getronics Group with the convergence of workspace applications and the cloud and drive its global growth further," said Baffour.
The deal is expected to close in the next few days and has got the thumbs up from the Getronics management. “We are delighted that our digital growth strategy is secured with long-term investment to enable the journey to continue, backed by a new industry expert investor in Mr Nana Baffour. Our customers are at the heart of everything we do, both locally and via our Global Workspace Alliance (GWA), we will therefore continue to focus on customer satisfaction as a key ingredient to our future growth strategy, which is further strengthened by our new investor”, said Mark Cook , Getronics Group CEO.
May 2012 - Dutch firm KPN opts to sell Getronics to Aurelius
April 2014 - German firm Individual Desktop Solutions is added to the Getronics Group
November 2015 - Getronics re-positions the Global Workplace Alliance and bring CompuCom Systems on board as a co-lead
April 2016 - the acquisition of the Colt managed cloud business is completed