Wholesaler swallows VADition whole
Exclusive Networks Group pats belly
Distie veterans Neil Ledger and Ian Morris have flogged VADition to fellow security and networking wholesaler Exclusive Networks Group for an undisclosed sum.
A sale of the Hampshire-based business follows on from French-owned Exclusive's acquisition of security distributor Arc Technology in 2009.
"This is a strategic acquisition for us as we continue to bolster our presence in the UK and build out our European distribution network," said Olivier Breittmayer, CEO at Exclusive Networks.
The firm said across the region it will now employ 200 staff across 11 countries and expects group revenues to reach €180m.
In a joint statement, Ledger and Morris said the firms were a good fit, sharing similar "culture", "technology vision" and "business strategy".
According to Companies House, Exclusive Network's turnover grew to £29.6m from £14.4m in the period from 1 July 2009 to 31 December 2010 following the acquisition of Arc Technology, as profits grew to £585,000 from £341,000.
In the year to 31 May 2010, VADition sales grew 54 per cent to £23.5m and profit before tax went up to £1.45m from £440,000 a year earlier. Retained profit was just over £1m compared to £319,000. ®