Aurelius acquires Warehouse Express from Barclays

Kenny Wastell
02 March 2017

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Aurelius has acquired UK-based photographic equipment retailer Warehouse Express from Barclays Ventures.

Following the deal, the company will merge with Calumet Photographic, which Aurelius acquired in June 2016. According to a statement issued by the GP, the consolidated business will have a turnover of €175m.

Financial details of the transaction remain undisclosed, although Warehouse Express, which trades under the Wex Photographic brand, generated EBITDA of £1.6m in the year ending June 2015, according to publicly available documents. However, according to a statement issued by the acquirer, the company's revenues have increased from the £57m reported in the aforementioned documents to around the £70m mark.

The acquisition of Warehouse Express forms part of a pan-European international expansion strategy being implemented at Calumet.

Previous funding
Barclays backed a £6.5m investment in Warehouse Express in August 2005. The investor initially intended to increase the company's turnover from £30m to £100m within six years of the acquisition, according to unquote" data. In 2010, the GP announced it was to stop making new investments, due to increased investment regulations and capital requirements that ultimately led to the introduction of AIFMD regulations.

Company
Founded in 1997 and headquartered in Norwich, Warehouse Express is an online retailer of photographic equipment including cameras, lenses, filters and accessories.

The business generates a turnover of €84m, according to a statement issued by the GP, and has around 500,000 customers across the UK.

People
Aurelius – Eric Blumenthal (vice-president).
Warehouse Express – David Garratt (CEO).
Calumet Photographic – Christof Bergmann (managing director).