Convex advises on Equip4Work sale to TAKKT.
Convex advised Equip4Work, a leading British online retailer for office furniture, on a sale to TAKKT AG, a listed German group specialising in B2B omnichannel distribution for business equipment. Equip4work will become part of the newport group within the TAKKT EUROPE segment.
Equip4Work – https://www.equip4work.co.uk/
TAKKT – https://www.takkt.de/
TAKKT is the leading B2B direct marketing specialist for business equipment in Europe and North America. The Group is represented with its brands in more than 25 countries. The product range of the subsidiaries comprises more than one million products for the areas of plant and warehouse equipment, office furniture, transport packaging, display articles and equipment for the food service industry, hotel market and retailers. The TAKKT Group has over 2,500 employees. The company is listed on the SDAX and Deutsche Börse Prime Standard.
Equip4Work, founded in 2004, sells office furniture such as desks, chairs and cabinets in the United Kingdom under its primary sales brand OfficeFurnitureOnline. It also sells warehouse and business equipment under the sales brand Equip4Work. The company places strong emphasis on private label brands and offers an attractive range of products in the affordable value for money segment as well as higher-scale branded furniture. OfficeFurnitureOnline, headquartered in Dumfries, Scotland, is highly successful in customer acquisition in its web shop and has built a loyal customer base of primarily smaller to medium-sized companies. OfficeFurnitureOnline is thus now one of the leading online retailers for office furniture in the United Kingdom.
“The focus on successful online sales, a great deal of expertise in private label brands, the attractive range of products and an excellent team of employees make OfficeFurnitureOnline a great addition to our newly created newport group. This acquisition is the next step for us in our portfolio strategy to strengthen online activities,” Felix Zimmermann, CEO of TAKKT AG, commented.
The purchase price, on a cash free, debt free basis, amounted to £35m. In addition to that, a further potential and variable purchase price component (earn out) of up to £10m was agreed. This earn-out depends on the achievement of certain performance goals for the company over the next three years, and would be payable in 2021. The company will continue to be managed by the family that founded and owned the company, with Martin and Michael Hutchinson as representatives. “We are very happy to have found a partner in TAKKT who will help us to continue and expand the strong growth of recent years. We believe that the cooperation and exchange with the other companies of TAKKT and the newport group will provide many exciting opportunities for both sides,” said Martin Hutchinson.
Convex acted as sell-side advisor to Equip4Work, supporting the shareholders throughout the transaction process, identifying TAKKT as the strategic acquirer and negotiating the deal to completion. This is one of several deals Convex has advised on in the business equipment sector and is the second sale Convex has advised on to TAKKT, having previously advised on the sale of BiGDUG to the German business equipment group.
