Takkt AG has acquired 100 percent of the shares of Equip4Work Ltd. Signing and closing of the transaction took place on January 29. The company generated sales of roughly 40 million pounds and an ebitda margin in the low double-digit percentage range in the 2016/2017 financial year. It will become part of the newport group founded at the beginning of January within the Takkt Europe segment.
Newport Group for fast-growing web-focussed companies
Takkts Newport group bundles young, fast-growing web-focused businesses that cater primarily to the needs of small and medium-sized corporate customers in different European countries and product areas. OfficeFurnitureOnline, acquired at the end of January 2018, is a UK product specialist offering office furniture such as desks, chairs and cabinets in the webshop. BiGDUG, an online retailer for business equipment specializing in storage and shelving that supplies its customers with shelving systems and work benches, is also in the UK. Certeo sells plant and office equipment in the DACH region (Germany, Austria, Switzerland) and France. Mydisplays, acquired in 2017, provides products such as custom-printed advertising banners and mobile display systems to a broad customer segment in Germany. The Takkt investment company is also part of the new division.
Equip4Work, founded in 2004, sells office furniture such as desks, chairs and cabinets in the United Kingdom under its primary sales brand OfficeFurnitureOnline. It also sells warehouse and business equipment under the sales brand Equip4Work. The company places strong emphasis on private label brands and offers an attractive range of products in the affordable value for money segment as well as higher-scale branded furniture. Products are sold online. OfficeFurnitureOnline, headquartered in Dumfries, Scotland, is highly successful in customer acquisition in its web shop and has built a loyal customer base of primarily smaller to medium-sized companies. OfficeFurnitureOnline is thus now one of the leading online retailers for office furniture in the United Kingdom.
“Great addition to our Newport Group”
“The focus on successful online sales, a great deal of expertise in private label brands, the attractive range of products and an excellent team of employees make OfficeFurnitureOnline a great addition to our newly created newport group. This acquisition is the next step for us in our portfolio strategy to strengthen online activities,” Felix Zimmermann, CEO of TAKKT AG, commented.
The purchase price, on a cash free, debt free basis, amounted to GBP 35 million. In addition to that, a further potential and variable purchase price component (earn out) of up to GBP ten million was agreed. This earn-out depends on the achievement of certain performance goals for the company over the next three years, and would be payable in 2021.
“Takkt will help us to expand our strong growth”
The company will continue to be managed by the family that founded and owned the company, with Martin and Michael Hutchinson as representatives. “We are very happy to have found a partner in TAKKT who will help us to continue and expand the strong growth of recent years. We believe that the cooperation and exchange with the other companies of TAKKT and the newport group will provide many exciting opportunities for both sides,” said Martin Hutchinson.
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