London-based Fast Technology is a managed print services provider, offering a one-stop facility for supply, maintenance and support to a range of clients.
The owner of Fast Technology, Joe Schupper, was mindful of the need to improve certain aspects of his company in order to achieve maximum value from an eventual sale. He contacted Avondale to start the process of increasing the value of the business. The team held a series of strategy sessions with the vendor, working with the vendor to enhance the margin on the legacy business whilst also securing a number of new revenue streams.
By the end of this two-year process, the headline value of the business had grown by approximately 33%. With the company now at Mr Schupper’s desired valuation level, Avondale was ready to begin marketing the business to potential buyers. By drawing attention to the company’s recurring revenue and long-term growth potential, the team was able to generate interest from more than 50 different parties.
Careful vetting of these prospects led to meetings between the Avondale-Fast Technology team and the 12 most suitable prospects. With nine strong offers on the table, a deal was agreed with Pinnacle Office Equipment Ltd, a leading provider of office solutions looking to diversify its product offering and gain a foothold in the London region. Avondale carefully managed the negotiations, resulting in a headline deal value that was well above financial or industry expectations.
“I am delighted with the sale. From day one Avondale helped me increase the value of my business. Over two years they worked with me to increase my profit levels and ensure the company was as desirable as possible to buyers. During the sale process they leveraged every opportunity to drive sale value even further. I wouldn’t hesitate to recommend Avondale.”
Joe Schupper, Managing Director, Fast Technology