Acquisitions & financials


Seattle-based Complete Office has simultaneously acquired Del Mar Office Products and Grove Office Supply, making it the largest office products supplier in San Diego. With these acquisitions, Complete Office is now the largest independent distributor of business products in each of the three markets it serves, Washington State, Wisconsin and San Diego, with annual sales of approximately $50 million. Seattle (WA)

Brentwood Associates, a private equity firm, has acquired a majority interest in Paper Source, a designer, manufacturer and marketer of high quality paper products. Susan Lindstrom and James York, the selling shareholders, will maintain a significant minority investment in the company. Paper Source, founded by Susan Lindstrom in 1983, operates through 21 retail stores located across seven states. Los Angeles (CA), the UK online office products retailer, has reported annual growth of 45 percent year-on-year in its preliminary results for FY ending 31 March 2007. It is interesting to note that this is the first time has revealed actual sales figures. The company, which regularly features among the UK’s fastest growing companies, said it achieved total sales of over £18 million ($35.8 million) with a profit increase of 52 percent. Vauxhall (UK)
DSGI has reported that group sales for the year were up 14 percent to £7.9 billion ($15.7 billion) compared to £6.9 billion last year. Group underlying profit before tax was £295.1 million, down from £311 million a year earlier. Total sales in the UK electricals operations, including Currys, and the Dixons tax free stores, were up 1 percent at £2.6 million compared to £2.6 billion last year, while like-for-like sales were up 3 percent. London (UK)


Tullis Russell has reported group profits of £500,000 ($996,000) for the year ended March 2007, significantly down on £4.2 million a year earlier. Chairman Fred Bowden said: "This was a good performance in extremely difficult trading conditions, brought about by soaring energy costs and continued increases in other raw material and overhead costs. Fife (UK)