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Managed Services M&A: Ricoh Europe Acquires PFH Technology Group

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Ricoh Europe has acquired PFH Technology Group (PFH), a leading provider of IT infrastructure, cloud and managed workplace services.

This is technology M&A deal number 110 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2022, 2021, and 2020 listed here.

Ricoh Europe Acquires PFH Technology Group

Ricoh was founded in 1936 and is headquartered in Tokyo, Japan. The company has more than 10,000 employees listed on LinkedIn. Ricoh's areas of expertise include IT Services, Managed Document Services, Office Solutions, Production Printing, and Digital Services.

PFH, founded in 1985, is headquartered in Cork, Ireland, with offices in Dublin and Galway. The company has 750 employees listed on LinkedIn and supports more than 1,000 customers. PFH's areas of expertise include integrated digital infrastructure and managed services, IT and communications technology.

PFH partners with major companies like AWS, Citrix, Commvault, Dell, Hewlett-Packard Enterprise (HPE), HP Inc., Lenovo, Microsoft, Pure Storage and VMware.

The acquisition will add PFH’s broad experience in digital infrastructure and managed services to Ricoh's portfolio, and will expand the companies' global footprint. PFH founder and current chairman and shareholder Paul Hourican will step down from his role but will remain in an advisory capacity to the business.

Following completion of the deal, PFH will continue to operate as a separate entity, the companies said.

Ricoh Europe Acquires PFH: Executive Insight

Alberto Mariani, senior vice president, digital innovation, Ricoh Europe, commented on the news:

“This important acquisition reaffirms Ricoh as a leading workspace value-added integrator. We are seeing significant customer demand for a single partner who can offer the full spectrum of infrastructure, professional and managed services. Our ability to meet these requirements is strengthened further by welcoming PFH’s talented team to the Ricoh family. The high concentration of leading multinational businesses that have chosen Ireland as the European hub for their operations makes this a particularly exciting time for both businesses. We look forward to bringing customers’ digital transformation ambitions to life through our shared customer-first approach.”

Paul Callaghan, CEO, PFH, added:

“Reaching this important date in our history is testament to the hard work of everyone who has contributed to PFH since our inception over 38 years ago. The scale of Ricoh’s capabilities means that our customers can evolve their IT services and realise their digital transformation ambitions at pace and with great support. Our collective expertise, commitment and aligned culture ensures our customers are ideally placed for future success.”

The acquisition is expected to complete in the coming month, subject to regulatory approval in Ireland and completion of other customary closing conditions. PFH and its shareholders were advised by an EY Corporate Finance team led by Robert Hussey, Ronan Murray, Michael Murphy and Antoine Daubigny.