Walker Morris advises Endless on the takeover offer for office2office plc

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24/10/2014

Corporate lawyers at Walker Morris have advised Endless on the acquisition and merger of office2office plc with Vasanta Group Holdings Limited by way of a newly incorporated company, EVO Business Supplies Limited.

The acquisition of office2office was implemented by way of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act and valued office2office’s entire issued and to be issued share capital at approximately £19.1 million.

Office2office, headquartered in Norwich with approximately 900 employees, is a major provider of business supplies and outsourced business solutions through its Managed Procurement and Business Critical Services activities.  Vasanta Group Holdings Limited, a private limited company majority-owned by the Endless II Funds, operates in the business supplies market, offering wholesaling and contract stationery, through a regional distribution network based around three highly automated warehouses and a number of local facilities, with its headquarters based in Sheffield.

It is envisaged that the enlarged group will be better positioned to provide dealer customers with an alternative ‘stockless’ supply model, through combining office2office’s Truline service with Vasanta’s warehouse capability.  Vasanta has already made significant investments in business efficiency and this will be a key and ongoing focus for the enlarged group.

Commenting on the acquisition, Mathew Deering, a director of EVO, said:

We believe that office2office is a business with a number of attractive characteristics which will benefit from the operational expertise and financial support of Endless.  Furthermore, the merger with Vasanta makes strong strategic and operational sense.  It provides an exciting opportunity for the combined group to deliver a strong offering to the market going forward

Debbie Jackson, Corporate partner at the Walker Morris team said:

“Having worked with Endless and Vasanta since Endless’ original investment into the Vasanta Group a number of years ago, we are delighted to be involved in this strategic opportunity for both Endless and Vasanta.  The combination of the Vasanta and office2office group will no doubt create a strengthened business offering which will benefit from a number of synergies.”

Richard Naish, Corporate partner at the Walker Morris team said:

“The deal is the first public to private transaction carried out by Endless and we are very pleased to have been able to advise them on it, calling on our own public company expertise.  We are continuing to see an increase in activity across the board, but our public company advisory work is particularly strong at present and this deal is just one in our deal pipeline.”

The Walker Morris team was led by corporate partners Debbie Jackson and Richard Naish.  Endless was advised on financing aspects by a team led by Peter Considine and on Competition aspects by a team led by Trudy Feaster Gee.

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