Acquired by
- Exit deal
- November 2016
- Value: Undisclosed
EAF Supply Chain Holdings (EAF), an on-demand provider of information technology spare parts to companies across Europe through a network of 55 stock locations and more than 2,000 collect and drop-off points.
Rickitt Mitchell has advised EAF on its disposal to Procurri Corporation Limited (“Procurri”) for a consideration of £1.5m in cash. The deal was Procurri’s first acquisition following its listing on the Singaporean stock exchange in July this year.
Procurri is one of the leading global independent providers of Data Centre Equipment and Lifecycle Services. EAF strategically fits into Procurri’s Independent Maintenance Services business offering under its Lifecycle Services business segment. The acquisition will:
• Allow Procurri UK to improve its service response time and extend its service coverage through EAF’s network of forward stocking locations.
• Deepen Procurri UK’s strong presence with augmented cross-selling opportunities through enlarged asset and customer bases across Europe.
• Support growth in Procurri’s Lifecycle Services segment with the addition of recurring revenue streams from the EAF’s list of reputable customers, which includes global IT companies and resellers such as HP, IBM, Dell and Fujitsu.
Rickitt Mitchell ran a highly successful international process, attracting a number of investors. This competition delivered maximum value to the exiting shareholders, as well as enabling Procurri to benefit from EAF's reputation in the market. The acquisition was well received by Procurri's investors and will help drive the business on.
“We are delighted to announce this acquisition, which gels with our growth strategy and fits seamlessly within our Lifecycle Services business segment. EAFL is a promising company with a proven track record in clinching new deals. This acquisition will allow us to efficiently ramp up Procurri UK’s Lifecycle Services business segment while deriving better economies of scale".
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