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06 Mar 2007
Reseller 2e2 has today made a recommended cash offer for Compel Group plc for £53m.
2e2 has offices based in Newbury and London, and is looking to buy both of Compel’s two businesses: Enterprise Solutions (sophisticated, complex and large scale IT solutions) and Short-Term IT Rental Solutions, which is branded Hamilton Rentals. Compel has 10 operating centres throughout the UK and more than 400 employees.
Eric Priestley, non-executive Chairman of the 2e2 Group, said in a statement: “We are delighted to announce this transaction which brings together two strong and established names in the IT services industry and creates a platform for further growth for the enlarged group. We believe this creates an exceptional opportunity to engage more broadly with our customers and create a compelling force in the UK market.”
Neville Davis, chief executive of Compel, added: “I am very pleased that we have been able to reach agreement on the terms of this transaction, which I believe provides certainty and value to our shareholders and good opportunities for our management and employees as part of a larger organisation. The 2e2 Group is a successful and broadly based IT services group, and Compel’s complementary customer base and strong service offerings should ensure that Compel can make a significant contribution to the future of the combined businesses.”
In the six months ended 31 December 2006, Compel generated revenues of £45 m and adjusted profits before tax of £1.71m. In September 2006 Compel announced results for the year ending 30 June 2006 showing an increase in turnover of 17 per cent to £92.6m and a 68 per cent increase in profits before tax to £2.3m.
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