Ambitious distributor Gem has kicked off its expansion plans by snapping up French distributor Banque Magnetique.
The Paris-based firm, which had sales of £170m, is a top supplier of electronic and IT peripherals to the French retail market with customers spanning top French IT/electrical retailers, dot-coms and supermarkets.
Banque Magnetique’s vendor list includes many existing Gem brands such as Logitech, Creative, Netgear, Pinnacle Systems and Linksys.
Chris Peacock, managing director of Gem, said: “This acquisition is extremely exciting to both companies, establishing us as a Pan-European distributor, something that many of our customers and suppliers have wanted Gem to achieve. It will also provide growth opportunities for both companies as we look to expand our product strategies together.”
Jim Flavin, executive chairman of DCC, parent company of Banque Magnetique, said: “Banque Magnetique is an excellently managed business which has experienced strong growth over the past three years. The acquisition will significantly strengthen Gem’s position in European retail consumer electronics distribution.
Gem will keep the Banque Magnetique name, and no redundancies have been announced.The acquisition is subject, inter alia, to clearance from the French competition authorities.
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