30th Mar 2010 07:00
30 March 2010 LMS Capital plc Investment in Apogee Group Limited
LMS Capital plc is pleased to announce that it has invested £7.9 million to acquire a significant minority stake in Apogee Group Limited ("Apogee").
Apogee is one of the UK's leading independent digital printing solutions providers and offers sales and servicing of printers, photocopiers and multi-function devices to a diversified, growing client base. For the financial year ended 31st December 2008 (the latest financial year for which audited accounts are available), Apogee had turnover of £28.9 million and profit before tax of £3.3 million. Unaudited results for the financial year ended 31st December 2009 indicate that Apogee has continued its growth in sales and profitability with turnover increasing by 15% to £33.3 million.
Under the terms of the agreement, LMS Capital will provide investment to support the continued "buy-and-build" acquisition strategy that the company has successfully implemented in recent years, having acquired 7 companies since 2006. The digital printing solutions market in the UK has grown significantly over the last 3 years and remains very fragmented. Apogee intends to consolidate its leading market position through further acquisitions.
Commenting on the transaction Pieter Hooft, LMS Capital Managing Director UK Investments, said: "We are delighted to have the opportunity to back an exceptional team with a proven track record of generating profitable growth. Our due diligence has confirmed that the company is held in high regard by customers and key suppliers and is ideally placed to continue to enhance its position as one of the leading independent resellers in the UK. We look forward to supporting the company moving forward."
Jason Collins and Barry Ferdinand, joint founders and Managing Directors of Apogee, said: "We are delighted to have the support of LMS Capital as we continue to develop Apogee as the leading digital solutions provider in the UK."
For further information please contact:
LMS Capital plc 020 7935 3555Glenn Payne, Chief Executive OfficerTony Sweet, Chief Financial OfficerBrunswick Group LLP 020 7404 5959Simon SporborgOliver HughesApogee Group Limited 020 8971 1806Jason Collins, Joint Managing DirectorBarry Ferdinand, Joint Managing Director
About LMS Capital
LMS Capital plc is an international investment company whose shares are listed on the London Stock Exchange. The investment portfolio comprises investments primarily in the US and the UK, with a spread of early stage and second round technology investments, development capital and mature company buyouts.
www.lmscapital.com
About Apogee
Founded in 1993, Apogee is the UK's leading independent document solutions specialist, providing innovative all-encompassing, managed print strategies to businesses throughout the UK. Working with a diverse range of customers, it offers a unique "blank canvas" approach and seeks to fully understand an organisation's document work flow, delivering efficiencies and significantly reducing costs.
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