ABN AMRO Capital acquires OyezStraker



30 April 2007 — Croydon (UK): ABN AMRO Capital, the private equity business of ABN AMRO, has agreed to acquire a majority stake in OyezStraker.


The move follows recent rumour and national press speculation about a deal and sees ABN Amro Capitol replace Hermes Private Equity as the majority shareholder, though Hermes reinvest in the business.


ABN AMRO Capital will invest £41.2 million in OyezStraker Group Holdings Limited for a majority stake, while Hermes Private Equity will reinvest £7.8 million with management also making a substantial reinvestment.


The transaction, which is expected to complete in June 2007, values the business at £163 million.


Jeff Whiteway, group CEO of OyezStraker, said: "I am delighted to have exchanged on the deal. ABN clearly like what they see in OSG and understand the future potential of the Group. They share our vision for the future and I look forward to working with them.


"I’m equally pleased Hermes have reinvested. This is a clear vote of confidence in the management team who have developed the Group considerably in the last few years. I look forward to refocusing on the business, following the understandable distractions such a process causes. I take this opportunity of thanking everybody within OSG for making the Company what it is today."


OyezStraker is the UK’s largest independent office supplies distributor, with a turnover of £190 million. It is the market leading supplier to the UK legal and professional services sector.


With its head office in Croydon, OyezStraker has 14 warehouses and 18 sales depots, servicing the firm’s customer base of over 25,000 firms from a staff of 1,150 people across the UK.


OyezStraker’s range of products includes office supplies, print, furniture and specialist business services, including software for legal forms, archival storage and Home Information Packs.


Since 2004, OyezStraker has achieved an annual turnover growth of cica 16 percent per annum through organic growth and acquisitions such as Whitegrove, Lynch McQueen, Office Zone, File and Data, Dudley Inkwell and Office Expert.


Andrew Moye, Paul Moxon and Grant Paul-Florence coordinated the investment on behalf of ABN AMRO Capital. Andrew Moye and Paul Moxon will join the board of OyezStraker as non-executive directors.


Paul Southwell, managing partner of ABN AMRO Capital’s UK buyout team, said: "OyezStraker has a strong market position, a good record of organic growth and a proven acquisition plan. We look forward to supporting Jeff Whiteway and his team in their growth strategy. 2007 is proving to be a very successful year for ABN AMRO Capital, with five deals completed across Europe already. We are committed to continuing to
source exciting opportunities in sectors with strong growth prospects."


OyezStraker was formed in 1997 through the merger of two companies ¬— The Solicitors Law Stationery Society (Oyez) and Straker Holdings. Both businesses have long, successful histories, with over 300 years’ experience in office supplies.


Netherlands-based ABN AMRO is one of the world’s largest international banks with total more than 4,500 branches in 53 countries and a staff of more than 107,000 full-time employees.