Equip4Work bought by German Company

TAKKT AG has acquired 100 percent of the shares of Equip4Work Ltd.
Signing and closing of the transaction took place on January 29. The company
generated sales of roughly 40 millionpounds and an EBITDA margin in the low double-digit percentage range in the 2016/2017
financial year. It will become part of the newport group founded at the
beginning of January within the TAKKT EUROPE segment.*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 privatelabel brands and offers an attractive range of products in the affordable value
for money segment as well as higher-scale branded furniture. Products are sold
online. OfficeFurnitureOnline, headquartered in Dumfries, Scotland, is highly
successful in customer acquisition in its web shop and has built aloyal 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 GBP 35 million.
In addition to that, a further potential and variable purchase price component (earn out) of up to GBP ten million 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