EMC Corporate Finance advised Corona Copy Solutions Ltd, a London-based supplier of printers, photocopiers and document management solutions, on its acquisition of Corporate Information & Communication Technology Ltd, a provider of telecoms and network services to businesses.
The combined group will become one of the leading suppliers of digital solutions to businesses in and around London with turnover forecast to top £10m next year.
The acquisition was funded by a mixture of existing cash resources and debt funding by HSBC.
EMC Chief Executive Nik Askaroff said: “The return of bank funding to the acquisition market creates an exciting deal option for SMEs. Corona’s MD, James Stephens, is an ambitious business owner who has a great team around him. Being able to fund the transaction with HSBC’s support whilst retaining full ownership of the Group allows him to achieve aggressive growth and look to acquire again in the next 12-18 months.”
James Stephens said: “There are lots of synergies between the two businesses. Most importantly we both operate with a high customer focus, striving to provide the best possible service to corporate customers. We are very excited about this acquisition as it establishes us in the telecoms sector to add to our established document management specialism.
“EMC supported us throughout the transaction and certainly ensured that the path was easier than it could have been.”
Professional support was provided for Corona by solicitors Kerman & Co and accountants Spofforths; by solicitors Teacher Stern for CI&CT; and by lawyers Wedlake Bell and corporate finance advisers Duff & Phelps for HSBC.Back to all news