Matrix backs £4m bolt-on for ASL

Matrix provided £2.05m of additional equity to fund the deal.

"The MD has been in the industry for a long time so he has a list of potential targets, and a lot of people approach him with ideas. As and when he finds another suitable target, we'll absolutely look at it," says Guy Blackburn, who leads the deal for Matrix and sits on ASL's board. He adds that the next bolt-on is unlikely to be soon, as the immediate focus is now on integrating the two businesses.

Debt
Incumbent banker Yorkshire Bank Corporate & Structured Finance matched Matrix's investment of £2.05m, bringing the total deal value to £4.1m.

Company
Transcribe supplies printers to SMEs in Kent and East Anglia, making it a complementary business to ASL, which Matrix acquired in December. The combined group now has annual revenues of £15m, with around two-thirds coming from ASL's business. The enlarged business employs 90 people and serves 5,000 customers.

The December deal saw Matrix pump in £4.25m of equity with Yorkshire Bank providing £3.5m. Matrix has a significant minority stake in the company.

Established in 1991, ASL is a Cambridge-based printing and copying services provider. It caters primarily to schools and SMEs in East Anglia and the Midlands.

People
Guy Blackburn led the deal for Matrix Private Equity and sits on the board of ASL as non-executive director. Mark Garius is managing director of ASL.

Advisers
Equity – Birketts LLP, Adrian Seagers, Lynn Aung (Legal); Tenon, Lee Castledyne (Financial due diligence).

 

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