Apogee founders in share buyback
London-based office solutions business, Apogee Corporation, has bought back £16m worth of shares from LMS Capital.
The capital investor LMS took a minority stake in the firm in 2010 as part of Apogee’s growth strategy, for the company’s founders to now buy back the shares.
Apogee, which sells digital products such as telecoms systems and printers, said Tuesday’s transaction demonstrated the business’ commitment to its growth plans, and represents an “exciting milestone.”
Roger Goodman, chairman of the firm, said: “This transaction clearly demonstrates the founders’ belief in the future of the business they started 20 years ago and their commitment to remain at the helm to continue to drive future growth.”
The company also announced the appointment of new non-executive director Nigel Wray, who is a major stakeholder in Saracens Rugby Football Club and investor in Dominoes Pizza, amongst other high profile names.
He has acquired a 10% stake in Apogee, with each of its founders, Barry Ferdinand and Jason Collins, taking 45% of the business.
Mr Wray commented: “I am very impressed with both Apogee’s track record and their modus operandi. It’s an exciting time to get involved long-term with Jason and Barry at this stage of the Company’s future prospects.”
This was posted in Bdaily's Members' News section by Miranda Dobson .
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