Agilico acquires Scottish peer to become 'UK's largest independent managed print business'

Private equity backed managed print player now has 40,000 machines in field

Agilico claims it has become the UK's largest independent managed print services business after closing its largest acquisition to date.

The Horizon Capital-backed outfit has snapped up Edinburgh-based Capital Document Solutions in a move that will increase its Machines in Field to over 40,000 and expand its customer base to over 13,000.

The deal comes just five months after Capital Document Solutions MD Tom Flockhart - who founded the company in 1979 - sadly passed away.

Agilico's last filed annual accounts, covering the year to 31 March 2021, showed flat revenues of £41.6m and 30,000 Machines in Field.

Although Agilico's top line was shielded by the artificial boost from recent acquisitions, Capital Document Solutions was not so lucky as its revenues virtually halved to £11.2m in its fiscal 2021 as Covid hit its core business.

The HP, Ricoh, Konica Minolta, Canon and Makerbot partner bills itself as Scotland's leading office equipment supplier, with over 12,000 Machines in Field at the time it filed its 2021 accounts.

Since Horizon Capital came on board in 2018, Agilico has made ten acquisitions (most recently of INVU), rebranding from DMC Canotec last June.

Agilico CEO Simon Davey revealed that he had spent two years working with Flockhart on the deal "to make sure every aspect of it was carefully considered".

"Though [Tom] very sadly lost his battle against cancer before we managed to complete, I know he would be immensely proud of his Board of Directors and family for honouring his wishes to become part of the Agilico group," Davey said.

"I am delighted that we were able to deliver on the project that dad started with Simon back in 2020, and I know he would have been very proud to see Capital take their place as part of a nationwide Agilico group," Capital Document Solutions board director Pam Flockhart added.