ASL in Private Equity Buyout
UK managed office services supplier ASL Group is accelerating its growth strategy following the acquisition of Mobeus Equity Partners' stake in the business by Primary Capital Partners, LLC.
In November, ASL made its tenth business acquisition when it joined forces with Geerings Digital. The company has also expanded its reach beyond providing managed print services (MPS) to embrace unified communications, software, IT and production print solutions for its 5,000 national customers.
Commenting on the development, ASL managing director, Mark Garius, said:
"This is an important and significant milestone for ASL that will enable us to continue to grow our business both organically and acquisitively in the market. Having acquired 10 businesses in the last 10 years, we look forward to the new opportunities that the investment will bring as we continue to drive better business performance for our customers."
Alec Parkinson, a Partner with Primary which provides long-term financial resources and strategic support to businesses valued between £20 million and £100 million, added:
"ASL is a leading operator in a highly fragmented marketplace. Having first met Mark and Paul several years ago, we continued to track the business and are delighted to now partner with them. Their knowledge of the industry is unparalleled in the UK, and we are excited to work with them and their colleagues to enable the company to accelerate its acquisition strategy and become the pre-eminent independent managed-office services provider."
Mobeus Portfolio Director, Ed Wass, commented:
"We are very proud to have worked with this great management team to build such a high-quality business over the investment term. With a number of recent transactions in this sector, private equity is alive to the opportunities for buy-and-build platforms in managed services including printing and related services. We are delighted that, having demonstrated a strong track record in growth through making and successfully integrating acquisitions, ASL now has a new financial backer to support its continued success."