Smart technology company RedstoneConnect has completed its acquisition of Suffolk-based meeting room management and audio visual integrator Anders + Kern in a deal valued at £1.4m.
Anders + Kern (A+K), which is based in Mildenhall, is a leading distributor of meeting room booking systems and audio visual solutions, which will complement London-based RedstoneConnect’s own OneSpace solution.
Speaking when the deal was first agreed in May, Mark Braund, chief executive of RedstoneConnect, said: “The acquisition of Anders + Kern is another important strategic development for RedstoneConnect.
“It broadens our smart building proposition, expands both our direct and indirect sales channels and it also provides the opportunity to leverage A+K’s expertise to accelerate the development and deployment of OneSpace.
“We are delighted to welcome A+K’s experienced sales, marketing and technology teams into our business which will add momentum to our ‘go to’ market strategy.”
The 19 employees in Mildenhall will become part of the OneSpace sales and marketing operation, with the enlarged team being led by Steven Black, managing director of A+K.
Derek and Jane Kuziw, the shareholders of A+K, were advised during the sale process by East Anglian law firm Ashtons Legal.
Geoff Hazlewood, a partner and head of the corporate and commercial team at Ashtons, who led the transaction said: “We have acted for the company for a number of years now and it has been a pleasure to help Derek and Jane achieve a successful exit.”
Mr Hazlewood was assisted by Ashtons’ commercial property and employment teams with Simon Burnip and Kim King dealing with the property elements and Colin Makin and Carrie March assisting on the employment aspects of the deal.
Derek Kuziw said: “From the start, to completion, the attention to detail along with excellent advice ensured a positive conclusion to the sale of Anders + Kern. I would have no hesitation in recommending Geoff Hazlewood and the team at Ashtons Legal.”
In the year to March 31, 2017, A+K generated revenues of £3.37m, gross profit of £1.14m and adjusted earnings before interest, tax and depreciation of around £346,000.
A+K’s clients include major organisations such as the British Library, MacMillan, Tullow Oil and BBC Worldwide, which RedstoneConnect believes will provide a “significant opportunity” to cross-sell its wider product offering.
The acquisition is being funded by RedstoneConnect using part of the proceeds from a share issue which will also support the ongoing development of OneSpace.
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