Rapid Group snaps up mail order firm
Apple mail order company Glenlake Computers is the latest to fall prey to the acquisitive reseller
Acquisitive reseller Rapid Group has doubled its turnover by purchasing Glenlake Computers, the UK?s biggest Apple mail-order supplier, for an undisclosed sum.
The acquisition of Glenlake, a #12 million dealership which trades as Macline and Windowline, takes Rapid Group?s turnover to #24 million.
Derek Goldman, currently Glenlake?s managing director, will remain in his position after the acquisition. Goldman said: ?We are absolutely delighted with this deal. Rapid Group has a proven financial strength which will help us continue to compete in today?s highly competitive market.? Goldman said that no jobs would be lost as a result of the acquisition. ?On the contrary, we hope to be hiring.?
The acquisition is Rapid Group?s third in 16 months. The company acquired Apple Centre Cambridge in October 1995 and the Apple Centre Norwich (formerly Jarrolds Computer Center) in November 1996.
Rapid director of marketing Steve Rush said: ?We?re still very much on the acquisition trail.?
The company?s purchase of Cambridge Apple Centre was backed by venture capitalist Venture Factors, which has supplied Rapid with a #3 million credit line for acquisitions. Rapid is also backed by high net worth individuals from the property sector.
Rush reiterated Rapid?s commitment to Apple, despite the company?s recent turmoil, saying: ?Apple UK is doing rather well, and we don?t envisage any bad times for Apple UK dealers.?
He stressed that Rapid would also benefit from Glenlake?s expertise in networking, internet and intranet product solutions: ?Rapid has always resold internet/intranet products, but Glenlake?s expertise in networking is a real plus to us.?
Rapid MD John McCartney said: ?Glenlake have a proven track record in mail-order sales in both the Mac and PC markets. They have an excellent reputation within the industry and a high profile in the market for adding significant value to the products they resell.?