Thursday 17 September 2020

*UKHotViewsExtra* Getronics looks to next chapter

Following on from the announcement that Getronics was to be sold again, we caught up with Kenton Fine, Executive Chairman and CEO. 

In July, strategic investor, GSH Private Capital Ltd, took ownership of the Getronics business in Europe, Asia Pacific and Latin America in a deal worth €200m. GSH had previously been a minority investor and has now committed to supporting Getronics in the long term following what has been a very difficult period.

Back in November, then Group CEO, Nana Baffour, stepped down as the firm sought to recapitalize the business. Getronics had made numerous acquisitions under previous owner, Aurelius, which added a range of IT service capability, aiding the firm’s portfolio development in cloud and applications in particular. In 2017, Aurelius sold Getronics to strategic investor, Bottega InvestCo (Nana Baffour being a majority shareholder). A year later, Getronics acquired US-based Pomeroy, enabling it to achieve its goal of becoming a billion-dollar company two years earlier than originally planned. The firm quickly followed this with the acquisition of French player, ITS Overlap, and subsequently upped its revenue target to $2bn.

UKHotViews PremiumHowever, this strategy – and the subsequent attempt to integrate Pomeroy in particular – took its toll, causing a serious case of ‘acquisition indigestion’. There were reports of suppliers not being paid and other processes not working sufficiently.

New CEO, Kenton Fine, intends to not only rectify the situation Getronics found itself in, but set a renewed course for growth and customer satisfaction. Read more in this UKHotViewsExtra, here….

Posted by Kate Hanaghan at '07:32' - Tagged: cloud   investment   acquisitions  

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