Darwin Private Equity has completed its third investment of 2010 with the acquisition of a majority stake in Euroffice.
Euroffice is a UK online office supplies company serving the SME market.
In 2009 Euroffice began its international expansion with a launch into the Italian market. The company now employs 49 people in London and Milan.
Darwin is backing the existing management team, led by chief executive Simon Drakeford. Euroffice’s founder George Karibian will remain with the business as non-executive chairman.
Karibian says: “Euroffice has succeeded in achieving significant scale and sustained growth in a market that has suffered during the recession. Our partnership with Darwin will enable us to accelerate our growth plans by investing in the people and technology needed to ensure we continue to offer the best quality customer experience and product range. There is no one else serving the SME office supplies market online in such a focused and committed way as Euroffice.”
Derek Elliott, partner of Darwin Private Equity, adds: “Euroffice is a high growth business with an excellent management team and a proven online model. This has enabled it to gain substantial share of channel within the SME market. The business has very high customer satisfaction levels and we are excited to be backing its next phase of growth.”
Darwin is currently investing from Darwin Private Equity I which has commitments totalling GBP217m and held a final close in August 2008.
