HP Inc. has completed the acquisition of Apogee Corporation, the UK-based office equipment dealer and provider of print, outsourced services, and document and process technology from manufacturers including Ricoh, Canon, Xerox and Konica Minolta as well as HP.
HP announced its intention to buy Apogee back in August. The final deal values Apogee at £380m and furthers HP’s strategy to disrupt the $50+bn A3 copier market and enhance its A3 and A4 product portfolio, expand its managed print services (MPS) and invest in direct and indirect go-to-market (GTM) capabilities.
Maidstone-headquartered Apogee has grown its revenues from around £120m to over £250m and headcount from around 450 to more than 1,000 in two years. Equistone took a majority share in the company in September 2016, in a deal worth £185m. The private equity firm has supported the business through a number of acquisitions including Kopiervertrieb Rhein-Ruhr (Germany), Danwood Group (Lincoln), CityDocs (London) and Clarke Office Solutions (Cambridge).
Apogee will now operate as an independent subsidiary of HP, with a governing board comprised of HP and Apogee management. It will have the same commercial relationship with HP as any other premium partner with access to the same tools and partner programmes.
Jason Collins, joint CEO at Apogee, said: “We look forward to the next stage of our development with HP, which puts us in a strong position to accelerate Apogee’s growth.”
