Another big deal for Complete Office Solutions
Yorkshire based Complete Office Solutions has completed the acquisition of Aquila Business Products, Bassetlaw Office Supplies & a controlling interest in Thomas Stoner Supplies, which takes COS to a run rate of £28m.
The deal adds £8m in turnover and eight more external sales people, taking COS's total sales team to 43 across all nine sales divisions. It also adds another regional distribution site that will take COS into the Nottinghamshire and East Midlands areas, which are largely untouched by COS's existing team.
The deal sees Phil Sibson join the COS board as a director and shareholder. He says: "The time had come for me too look at my long terms options, I looked at a number of ways forward, but after talks with Richard and the COS team I soon realised that there was a fantastic opportunity here for all concerned.
"This deal is very exciting and because of COS's existing facilities, team size and structure. It will bypass years of hard work and produce much more growth that a standalone MBO would. COS are in a very good position and have fantastic potential within the market, and the work we have done at Aquila and BOS on general stationery, interiors and FF&E will fit perfectly with the overall strategy. I am very excited about the future."
COS Managing Director Richard Coulson adds: "Phil, Steve and Frank have built a fantastic team of keen, conscientious people who will no doubt bring a lot to the company and to our future plans. The synergies are perfect and potential is very very exciting. I am really looking forward to working with Phil and the new team."
The deal will see long-serving founder and Managing Director Steve Brown, and Finance Director Frank Kirk retire after short hand over periods. COS is planning to announce more deals later this year and are now confident of achieving £50m in sales within the next 3 years.