Equistone sells Apogee to HP for £380m

Kenny Wastell
02 August 2018

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Equistone Partners Europe has sold Apogee Corporation, an office printing equipment supplier and servicing company, to trade buyer HP in a deal valuing the company at ТЃ380m.

Under the vendor's two-year tenure, Apogee undertook an international acquisitive growth strategy. It bolted on Scottish competitor Direct Business Systems and Irish business Hibernian Business Equipment in 2016. The following year, it made three further acquisitions, buying London-based Citydocs, Lincoln-based Danwood and Germany-based Kopiervertrieb Rhein-Ruhr.

The business increased its revenues from £127m to £208m during the two-year holding period.

Equistone was invested in Apogee via its fifth fund, which closed on its hard-cap of €2bn in 2015.

A spokesperson for Equistone declined to provide comment beyond the contents of HP's official announcement.

Previous funding
Apogee originally received private equity backing when LMS Capital acquired a minority shareholding in the business for £7.9m in 2010, though the GP divested its stake two years later.

Equistone then acquired Apogee in September 2016, in a deal that valued the company at £185m.

Company
Founded in 1993 and headquartered in Maidstone, Apogee specialises in the sale and maintenance of printing devices and networks. The business has 21 offices across the UK and Republic of Ireland, up from 12 at the time of Equistone's initial investment, and additional offices in Paris, Hanover and Oberhausen. It generates EBITDA of £30m, according to a statement.

People
Equistone Partners Europe – Steve O'Hare (senior partner); Andrew Backen (partner); Tristan Manuel (investment manager).
Apogee Corporation – Jason Collins, Robin Stanton-Gleaves (CEOs).