London based Corona Copy Solutions Ltd, a supplier of printers, photocopiers and document management solutions, has acquired telecoms reseller Corporate Information & Communication Technology Ltd.
James Stephens, Managing Director at Corona, said: "There are lots of synergies between the two businesses. Most importantly we both operate with a high customer focus striving to provide the best possible service to corporate customers. We are very excited about this acquisition as it establishes us in the telecoms sector to add to our established document management specialism."
The joined up business is anticipating a turnover upwards of £10m next year.
The acquisition was funded by a mixture of existing cash resources and debt funding provided by HSBC.
Hove-based EMC Corporate Finance advised Corona on the transaction. Chief Executive Nik Askaroff told Comms Dealer: "The return of bank funding to the acquisition market creates an exciting deal option for SMEs. In this instance James is an ambitious business owner who has a great team around him and being able to fund the transaction with HSBC's support, whilst retaining full ownership of the Group, allows him to achieve aggressive growth and look to acquire again in the next 12-18 months."