Berkshire IT distributor Westcoast has acquired rival firm Spire Technology for an undisclosed fee. The shareholders of the sell-side were advised on the deal by experts from consultancy Quantuma.
Headquartered in Verwood, Spire is a UK trade-only distributor of computer components and peripherals Dorset, and has supplied laptops, tablets, computers, PC components and peripherals to the IT industry for more than 30 years. From its office in Verwood, the business offers over 2,500 products, with more than 60 employees – and generating an annual turnover in excess of £100 million.
This market position led to growing interest from rival Westcoast Group – the UK’s largest privately owned technology group and is a leading distributor of IT brands to a range of resellers, retailers and office product dealers in the UK and Europe. Employing over 1,100 people and generating annual turnover of over £4 billion, the Westcoast Group has decided to add to its components portfolio with a move for Spire.
The deal was assisted by experts from business advisory firm Quantuma , who advised the shareholders of Dorset-based IT distributor Spire Technology Limited on its sale to the Westcoast Group. The engagement saw Quantuma managing director Mark Lucas, director George Jackson and assistant manager Tom Egan undertake a strategic marketing process that generated significant interest and ultimately identified Westcoast as the preferred bidder. They then led a sales process for Spire, advising on the business plan and market positioning.
Jackson commented, “The Quantuma team is delighted to have advised the Spire Technology shareholders on this deal. They have built an absolutely fantastic business, which has found a great home to continue its journey with Westcoast. The transaction delivers continuity for Spire as part of the Westcoast group and will support the next phase of growth for the business.”
Spire will now become Westcoast Group’s main components pillar, with full access to all the customers, finance and tools that make Westcoast such a strong distributor in the UK and Europe. Alongside Quantuma, the dealmakers worked with teams from Steele Raymond who delivered legal advice, together with PKF Francis Clark who provided tax support. Additional tax and legal support was provided by colleagues from K3TA and Howes Percival.
Speaking on the process, Spire’s managing director, John Appleton, added, “Mark, George and the Quantuma team were brilliant to work with and provided exceptional support throughout every stage of the process, making a complex process easier and more straightforward for the business and the shareholders. They took the time to fully understand our business and our market and were able to generate lots of interest from potential buyers. They were proactive throughout and were instrumental in finding the best home for our business and for getting the deal done.”
Sourced from Consultancy.uk