Mobeus-backed ASL swoops for Copyfax
Cambridge-headquartered Automated Systems Group (ASL) has snapped up a 28-year-old print and copier dealership company which provides document management services in a deal backed by Mobeus Equity Partners.
Mobeus has provided £3.9m of follow on finance to ASL as part of an overall funding package to support its buy and build strategy through the acquisition of Copyfax (Anglia), based in Great Yarmouth.
ASL said the acquisition will further strengthen its presence in East Anglia.
The combined group now provides printing and copier services to small and medium enterprises (SMEs) and the education sector across the Midlands, East Anglia and Kent.
Mobeus originally supported the management buyout (MBO) of ASL in December 2010 and provided £2m of follow-on investment to support the acquisition of Transcribe Copier Systems in April 2011.
The transaction represents Mobeus's sixth investment in 2014, taking committed capital invested to nearly £32m.
ASL managing director Mark Garius said: "We are delighted to have brought Copyfax into the ASL fold, they have a very strong and loyal customer base across Norfolk and the surrounding areas. Copyfax brings extra capability to the company and will further strengthen ASL's significant presence in East Anglia."
Mobeus managing partner Mark Wignall added: "2014 has been an outstanding year for Mobeus. We continue to back strong, entrepreneurial management teams deploying significant amounts of debt and equity capital into dynamic, growing SMEs across the UK. It is very pleasing to see the success of our investment strategy crystallised in so many profitable exits."
ASL, which employs approximately 100 staff following the deal, was founded in 1991 and has offices in Cambridge, Milton Keynes, London and Bromsgrove.