IT services firm Getronics has been sold to a US-Brazilian entrepreneur for €220m (£194.4m), with current owner AURELIUS holding up the deal as proof of its ability to breathe new life into "once-neglected peripheral businesses".
Having acquired Getronics from Dutch telco KPN in 2012, AURELIUS is offloading the firm to Brazilian strategic investor Bottega InvestCo in what is its biggest ever exit. Bottega's majority shareholder is US/Brazilian entrepreneur Nana Baffour.
The transaction, which has an enterprise value of €220m, will close in the next few days.
Asset management firm AURELIUS claims Getronics enjoyed substantial growth under its roof. It expanded the firm through five add-on acquisitions, including most recently pan-European cloud and hosting services firm Colt.
Microsoft, Cisco and Dell EMC partner Getronics had 2,900 staff and revenues of €450m when AURELIUS bought it five years ago. Now its headcount stands at 4,500 and it generates revenues of about €500m in 20 countries in Europe and Asia-Pac. UK revenues hit £52.4m in 2015, according to the most recent accounts filed with Companies House.
On AURELIUS' watch, the Global Workspace Alliance (GWA) of which Getronics is a part was also "reconfigured", so that all members offer a standardised service. The GWA includes US reseller CompuCom.
Getronics' service portfolio has also been streamlined, AURELIUS added, with the focus shifting from conventional workspace services to higher-margin areas such as next-generation workspaces, applications and cloud-based services.
"The positive development of the Getronics Group under the roof of AURELIUS is clear proof of our ability to develop once-neglected peripheral businesses into highly successful, independent companies through the intensive work of our operational task force in combination with a sustainable expansion strategy," said Dr Dirk Markus, chairman of the executive board of AURELIUS Equity Opportunities.
Baffour added: "We will build on the excellent work of AURELIUS and systematically continue to align the Getronics Group with the convergence of workspace, applications and the cloud and drive its global growth further. As we move into the next growth phase of Getronics, we will continue to be a great transformation partner for our clients, technology partners and employees."
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