Horizon-backed Agilico, a B2B document service provider has acquired managed print service (“MPS”) providers Condor Office Solutions, Systems Technology, and CSL Business Machines.
Agilico has a clear strategy of consolidating the fragmented MPS sector with high quality acquisitions and create a market-leading managed services provider. We first invested in Agilico in July 2018 and since then the Group has made 5 acquisitions, diversified its offering and expanded its geographic reach across England. The Group now supports more than 10,000 customers across the UK and generates revenues of £65m and EBITDA of £16m representing growth of 325% and 400% respectively since our original investment.
Each of the acquisitions are long established and highly regarded operators – both Condor and Systems Technology are southern based Canon Platinum partners, and CSL is a Konica Minolta Elite partner serving customers across the midlands.
In addition to these acquisitions, 2019 saw the Agilico board supplemented with the recruitment of Paul Mitchell as Chief Operating Officer having joined from Experian, and Phil Jan as M&A Director having held multiple roles across acquisitive private equity backed businesses.
Luke Kingston, Partner at Horizon Capital, said: “Agilico was the first investment made by Horizon and we are delighted with the tremendous progress to date which is a testament to Simon and the team he has built. We will continue to support Agilico in supplementing the organic growth of the business with high-quality acquisitions in what is a highly fragmented market.”
Agilico CEO, Simon Davey, said: “Each of Condor, Systems Technology and CSL are exceptional businesses and strongly complement our existing Group. Agilico continues to achieve considerable growth and we look forward to taking the business from strength-to-strength with Horizon’s continued investment and support.”