Investment boost for document tech company Apogee Corporation

Private equity firm Equistone Partners Europe has invested in print and document technology company Apogee Corporation.

Apogee, which has a Manchester office and 13 other sites in the UK and Europe, was valued at £185m in the transaction.

The £120m-turnover company will use the undisclosed cash boost to increase its domestic and overseas market share through both organic and acquisitive growth.

Following the deal, Apogee will continue to be headed up by joint CEOs Jason Collins and Robin Stanton-Gleaves, with Equistone partners Steve O’Hare – who is based in Manchester and led the deal – and Andrew Backen joining the Apogee board as non-executive directors.

Jason Collins said: “Apogee is in a very strong position to capture a greater share of the UK and European managed services market and we will use the investment and partnership with Equistone to take the company to yet another level and accelerate our growth.

“Significant acquisitions in the UK and further overseas expansion in Europe as well as continued organic growth are top of our agenda and this will strengthen our position as the market-leading independent company for print and document technology and processes.”

Steve O’Hare commented: “Apogee has shown impressive year-on-year growth. The management team clearly have an in depth knowledge of their marketplace and the bespoke IT led MPS solutions Apogee provide deliver efficiency gains and cost savings for customers.

“The additional funding from Equistone will be used to fuel further strategic acquisitions and expand its unique managed service operations to support its growing customer base.”

He continued: “We look forward to working with the team and are excited about their plans to expand the business in new and existing territories.”

Founded in 1993, today Apogee employs more than 450 people worldwide and provides businesses with document technology and managed services solutions from global brands such as Japanese multinational camera firm Canon and US tech giant Xerox.

Equistone, which operates across the UK, France, Switzerland and Germany, typically invests from €25m to €125m of equity in companies worth up to €300m.

The Manchester team at Rothschild advised the Apogee shareholders on the deal, while Equistone was advised by the Manchester offices of professional services firm Deloitte and law firm Pinsent Masons.

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