PE-Backed DMC Canotec Acquires 3 Office Equipment, Managed Print Services Firms
DMC Canotec, a private equity-backed Managed Print Services (MPS) firm, has acquired three office equipment dealers and printer specialists. The terms of each deal were not disclosed.
These are M&A deals 150, 151 and 152 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here. Also, here’s a list of office equipment M&A deals from 2015 through today’s DMC news.
The DMC Group says the string of deals are part of its strategy to consolidate what it sees as a fragmented MPS sector. Since receiving an investment from Horizon Capital in July 2018, DMC has made five acquisitions, each of which helped it diversify its offerings and expand its reach across England. The DMC Group says it now supports more than 10,000 customers across the UK and generates £65m (US$83.7 million) in revenues.
DMC was the first investment made by Horizon. The firm says it plans to continue supplementing DMC’s organic growth.
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Founded in 1987, Condor Office Solutions is based in Southampton. The company is a Canon Platinum partner.
Systems Technology was founded in 1989. At the time of the acquisition, it had offices in London, Kent, and Leicester. In 2018, the firm acquired Copycare. Systems Technology is also a Canon Platinum partner.
Founded in 1969, CSL Business Machines is based in the East Midlands with an office in Nottingham and its Head Office in Leicester. The CSL Group was one of the first UK Konica Minolta dealerships and is one of only nine Elite Partners in the UK, according to its website.
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Simon Davey, DMC CEO, commented:
“Condor, Systems Technology and CSL are exceptional businesses and strongly complement our existing Group. DMC continues to achieve considerable growth and we look forward to taking the business from strength-to-strength with Horizon’s continued investment and support.”
David Bayles, Managing Director at Condor added:
“We are delighted to be joining forces with the DMC group – they share our customer-first values and passion for awesome service. They are bringing together the very best MPS companies in the UK and the true nationwide coverage can only be of benefit to our customers.”
Zana Gradus, Managing Director of Systems Technology said:
“I am delighted to have joined forces with DMC who are a natural fit for our business with a focus on excellent customer service which we can now truly offer on a nationwide basis. As part of this great group this business will continue to thrive.”
Andy Perkins, Director at CSL commented:
“DMC has established a fantastic reputation for providing exceptional service alongside transparent and ethical work practices. I am delighted to be working with them.”