Matrix has provided £2 million of follow on investment
Matrix Private Equity Partners (Matrix) has provided £2 million of follow on investment to portfolio company Automated Systems Group (ASL), to support its buy and build strategy with the acquisition of Transcribe Copier Systems.Transcribe operates in the same market as ASL, supplying printers and multifunction products to a mixed SME customer base in Kent and East Anglia.
Matrix originally supported the MBO of ASL in December 2010 and has now invested a total of £6.3 million in the company.The combined group now has annual revenues of over £15 million and is a leading provider of printing and copier solutions to SMEs and the education sector in the Midlands, East Anglia and Kent. ASL was established in 1991 and employs 90 staff,supplying the latest printing hardware technology, ongoing service and maintenance to over 5,000 customers.
Guy Blackburn, investment manager at Matrix who sits on the Board of ASL said: “Just three months after we completed the MBO of ASL, the management team has delivered on its plan to make selective acquisitions to further expand its regional presence and client base. We will continue to support the business as it carries out its acquisition growth strategy".
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