Ethos Group acquires Pinnacle
March 23, 2020
The acquisition of the Welsh organisation further expands the Ethos Group’s Managed Print business.
Based in Cardiff, Wales, Pinnacle Document Solutions Group is a print and document solutions provider in the UK and Europe with over 30 years’ experience and supporting over 3,500 managed devices.
As a fellow Xerox Platinum and HP Silver Partner, the acquisition of Pinnacle helps expand the Ethos Group’s print portfolio, further enhancing the bespoke service that Ethos can offer its customers whilst complementing and expanding its geographical reach.
With a combined workforce of over 200 employees, annualised Group turnover will be in excess of £42 million ($48.7 million/ €45.6 million) by the end of the next financial year whilst looking to maintain EBITDA at 18% of turnover.
Barry Matthews, Ethos, CEO said: “The acquisition of Pinnacle, together with Clive and his staff represents a strategic growth opportunity providing a solid platform in South Wales and the South West of England to build upon. Having known Clive for a while I was already aware of how well regarded he is within the industry and am excited to have the opportunity to now work alongside him. His work ethic is unparalleled and his outlook for the continued success in this industry is like my own.
“On a personal note, this acquisition was one of the last things I had the pleasure of working on with the Chairman of Ethos, Paul Norris, before he passed away unexpectedly last year and for me, the Senior Leadership Team and staff, this acquisition represents a continuation of his legacy.”
Clive Hamilton, Pinnacle Document Solutions, Managing Director said: “We started this journey in March 2015 with the MBO, where Myself and the Board planned the M&A growth as well as the organic growth of Pinnacle within this 5 year period.
“The next step on this journey is now to look at how we can merge our skills, staff experience and customer loyalty to make a bigger more sustainable Business with far greater solutions and services that our clients will benefit from.
“After meeting Paul and Barry I knew that Ethos were the Group that will add this value, drive and support to allow us all to build a more consolidated business that is in keeping with the fast paced technology market place that we are working in.
“On a personal note I am very excited at the opportunity in working with Barry and his Senior Leadership Team to continue the Pinnacle story and journey going for the next 5 to 7 years.”
Barry Matthews, CEO of Ethos, and Clive Hamilton, Managing Director of Pinnacle, will continue to work together to support the Group’s growth plans.
Gambit Corporate Finance acted as lead financial advisor to the shareholders of Pinnacle and were responsible for identifying, negotiating and structuring the transaction. The Gambit team was led by Geraint Rowe (Partner) Tim Brotherton (Director) and Nick Gallagher (Analyst).
Geraint Rowe commented: “We have had the privilege of working closely with Clive and Pinnacle for several years, having previously advised on the MBO in 2015 and subsequent acquisitions, witnessing first-hand how the company has grown to become a leading provider of managed print services and document solutions in South Wales and the South West. The acquisition by Ethos Group will enable both Pinnacle and Ethos to realise the next stage of their growth plans as part of a larger group, with a greater service offering and customer footprint.”
Gunnercooke provided legal advice to the Ethos Group and Hugh James (Gerallt Jones and Gemma Davies) provided legal advice to the shareholders of Pinnacle.
Sam Macalister-Smith led the transaction for the Development Bank of Wales.
Categories : City News
Tags : Acquisition Ethos Pinnacle
