PC consumable distributor ENC International has finally acquired network services company Olli-tek, two years after Olli-tek directors reneged on an original acquisition agreement between the two firms.
The acquisition adds a services arm to ENC?s distribution business, and its direct distribution subsidiary, WMS, will use Olli-tek?s technical experience to add value to its box-shifting business.
Steve Wildman, MD of ENC, said he was pleased the merger had finally gone ahead. ?Two years ago we shook hands on a deal, but then the directors thought if we could turn Olli-tek around, why couldn?t they? So they changed their minds.?
ENC moved in when two of the original directors made a decision to leave. Olli-tek received an unspecified amount for goodwill, and ENC has taken on an outstanding long-term debt, rent payments for premises and repayment of loans, although it has not taken on other debts.
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