Agilico acquires Diamond Group
Friday, June 11, 2021
Agilico has bolstered its presence in the north of England after acquiring the Diamond Group.
The Chandler's Ford-headquartered company’s eighth acquisition was completed on Monday (7 June) and sees it add a further £2m of revenue and more than 500 customers to its portfolio.
Agilico offers managed print services, information management, agile working technology, telecoms, and IT services. Gateshead-headquartered Diamond, meanwhile, offers services including telecoms, IT, and managed print services to SME organisations.
As part of its print offering Diamond supplies Ricoh’s Ri 100 direct-to-garment (DTG) printer as well as the HP DesignJet T520 and T920 and Ricoh MP CW2201SP plotters.
Agilico, which was known as the DMC Canotec group of companies prior to a unification and rebrand earlier this year, said the deal strengthens its northern region, which is headed up by regional managing director Warren Colby.
“I am delighted with this acquisition – the team here in the north has known Diamond for a number of years and to have their people on our side is really compelling,” he said.
Agilico CEO Simon Davey added: “Our strategy is to build a UK-wide, SME-focused business that can provide our customers with a great set of products and services. We know that Diamond has a customer-centric culture and that is just what we are looking for in our acquisition plan.”
At the end of 2019, the group acquired three businesses, two of which supply production print and wide-format technology. It had itself been acquired by private equity firm Horizon Capital in July 2018.
Luke Kingston, partner at Horizon Capital, said: “This acquisition demonstrates Agilico’s continued opportunity to grow through highly complementary acquisitions alongside continued organic growth.
“Diamond Group represents another high-quality addition to the platform, and we look forward to continuing to support the group on its growth journey.”
Predominantly serving the legal, insurance, finance, and education sectors, Agilico employs around 300 staff and has normalised revenues of around £60m.