Altodigital eyes up acquisition targets
Altodigital Networks, a leading provider of office technology and supplies with a major base in the Black Country, is targeting 25 per cent turnover growth over the next three years.
The business, which launched in 1987, provides a range of products and services, including print, document management and office supplies for businesses across the UK. Its clients primarily operate within the corporate, housing, healthcare, government, legal and education sectors.
Its Midlands base is on the Pensnett Estate, in Kingswinford, where it employs more than 150 people.
Lloyds Bank Commercial Banking team have worked closely with the Altodigital management team and business manager Stewart Abrahart to develop a financial support package that will enable the business to achieve its aims of driving growth by increasing its overall capacity through organic growth and targeted acquisitions.
The investment will support the enhancements to Altodigital’s data and cloud technology capabilities, with the business looking to increase its product range before rolling it out to its professional services clients.
The move is part of an ambitious growth strategy, which has seen the business acquire 10 businesses in the past five years, including Pro-Copy Ltd.
The company saw sales rise by 10 percent over the past 12 months, contributing to an annual turnover of over £70 million. With a proven track record over 30 years, it now employs 420 staff across 12 locations nationwide.
James Abrahart, CEO at Altodigital Networks, said: “We’ve built a great reputation to become the UK’s largest independent player in this field and we’re determined to keep growing. With a large amount of quality firms in the sector at the moment, this is a great opportunity to expand our team and operations.
“The funding package from Lloyds Bank gives us the flexibility to identify the right opportunities and adopt a measured growth strategy that matches the organic growth of the business. It’s an exciting time for the business, and we’re looking forward to the prospect of expanding our presence and team in the near future.”
Jasmeena Sandhu, mid-markets relationship manager at Lloyds Bank Commercial Banking, added: “Altodigital has achieved impressive growth since its creation, and this year has been no exception. It’s the perfect time for Altodigital to benefit from market conditions and explore different options to expand the business.
“As a UK based business with 12 locations it’s making a fantastic contribution to the regional and national economy and we’re pleased to facilitate its further success. As part of our wider plan to help Britain prosper, we’re committed to providing solutions for businesses, and we’re committed to increasing our funding to SMEs and mid-market business by £2 billion this year.”
