Geerings Digital, a leading player in the managed print services industry, has been sold by Springboard Corporate Finance to Cambridge based Automotive Systems Limited for an undisclosed sum.
About the deal
Geerings, which is based in Ashford, Kent, supplies and services print management solutions to commercial and education sectors across Kent, Essex, London, Sussex and Surrey. Family owned Geerings has built an strong reputation and offers a market-leading range of solutions.
ASL reported revenues of £19.8m for its year ending 30 September 2017, and the acquisition will boost the company’s overall turnover past £27m, along with increasing headcount to 140. ASL Group of Companies is backed by Mobeus Equity Partners and specialises in telephony and unified communications, production print and IT support. Geerings represents ASL’s second acquisition in 2018 having previously acquired eight businesses in the sector.
How we made a difference
- Performed benchmark valuation to assess likely trade appetite;
- Confidentially approached a small and select number of trade acquirers;
- Managed a competitive sales process to maximise the terms of exit and ensure a clean sale of the divisional business; and
- Project managed due diligence and legal processes
Will Geering, Chairman - Geerings Limited
Having been approached by a competitor to sell the business, we decided to appoint Springboard to handle the approach and confidentially market the business for sale. Springboard's process and expertise drove value for the business and they delivered an excellent result for us. I would not hesitate to recommend Springboard.
