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Private Equity Acquires Managed Print, Office Equipment Service Provider

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ASL Group

Private equity firm Primary Capital Partners has acquired ASL Group, a provider of managed print services and unified communications in the United Kingdom. Mobeus Equity Partners had owned ASL since 2010.

Financial terms from the deal were not disclosed, but sources say MSP-centric business valuations run around 4 times to 8 times annual EBITDA, depending on a range of metrics.

ASL claims to be one of the UK's top 10 managed services providers (MSPs), serving more than 5,000 customers and featuring more than 140 employees across Basildon, London, Great Yarmouth, Cambridge, Cannock and Milton Keynes, among other regions. Key partners include Kyocera, Ricoh, Lexmark, Canon, Konica and Papercut.

ASL has acquired roughly 10 companies in recent years -- including Geerings Digital in November 2018. At the time, ASL and Geerings had a combined 14,000 machines under contract.

Private Equity Acquires ASL Group: Executive Perspectives

Backed by Primary Capital Partners, ASL Group expects to make more acquisitions.

LinkedIn: Alec Parkinson, Primary Capital Partners
LinkedIn: Mark Garius, ASL Group

In a prepared statement, ASL Managing Director Mark Garius said:

“This is an important and significant milestone for ASL that will enable us to continue to grow our business both organically and acquisitively in the market. Having acquired 10 businesses in the last 10 years, we look forward to the new opportunities that the investment will bring as we continue to drive better business performance for our customers.”

Added Primary Capital Partners' Alec Parkinson:

“ASL is a leading operator in a highly fragmented marketplace. Having first met Mark and Paul several years ago, we continued to track the business and are delighted to now partner with them. Their knowledge of the industry is unparalleled in the UK, and we are excited to work with them and their colleagues to enable the company to accelerate its acquisition strategy and become the pre-eminent independent managed-office services provider.”

Mergers and Acquisitions: Managed Print Services, Office Equipment Dealers

A growing number of managed print service providers (MPSPs) and office equipment dealers are completing mergers and acquisitions with each other, or financial deals with private equity firms.

We'll publish a running list of such deals soon.

Joe Panettieri

Joe Panettieri is co-founder & editorial director of MSSP Alert and ChannelE2E, the two leading news & analysis sites for managed service providers in the cybersecurity market.