Beringea UK has sold a majority stake in long term investment SPC
May 16th 2017
SPC International is acquired by TVS Rico
(London, UK) Beringea has announced that it has sold a majority stake in long term investment SPC international – a global IT hardware support company. Beringea initially invested in the company in 2003, and made two follow on investments, providing a total of just under £2.7 million over five years. SPC has revenues of c.£20 million and operates in five countries. Beringea will retain a 5% stake in the business going forward.
Stuart Veale, Managing Partner at Beringea LLP, said:
“We’ve seen SPC International grow into a an extremely successful business over the course of our 14-year relationship. It’s performed well for us as an investment over that time, and it’s exciting to see the company take the next step following today’s announcement. TVS Rico is a great strategic fit for SPC International and we’re confident this move will help SPC maintain and build on its position as a well-respected global player in the supply chain industry. We’re look forward to seeing how SPC International will continue to progress, and to offering our continued support throughout this next chapter.”
The full press release of the acquisition TVS Rico is below.
TVS Rico Supply Chain Services Limited acquires a majority stake in SPC International
London, 3rd March 2017 – TVS Rico announced their latest acquisition in the UK which now adds repair and parts supply to the company’s comprehensive list of end to end supply chain services for its customers worldwide.
TVS Rico acquired SPC International, an Uxbridge UK based company which has grown significantly since its establishment in 1989 and rakes in an annual turnover of £20m. SPC International has operations in UK, France, Slovakia, USA and India. It offers hardware support with specialisation in IT spares and repairs, supporting multi-vendor maintenance contracts. SPC’s services and solutions include repair and refurbishment, remarketing, reselling, warranty management and inventory management (consigned and owned). Products offered include retail, banking, barcode and data collection, PCs, printers, notebooks and many other products.
TVS Rico, whose previous acquisitions include well-known UK brands like DHL Same-Day and Circle Express is a flagship company of TVS Logistics in the UK. It operates in more than 45 locations in the UK and Ireland and offers spares management, transport, warehousing, and engineering solutions to its broad range of customers.
Sam Sharma, CEO TVS Rico, said “There are real synergistic growth opportunities between our two businesses, which are key to our strategic plans for both Europe and the rest of the world. We are thrilled to have tied up with one of the leading players in this sector.”
TVS Logistics which set up base in the UK in 2004 has invested around £75 million over the last decade and has also generated employment opportunities for the local talent in the field of supply chain management. From initially employing 10 persons in 2004, TVS Logistics now provides employment to over 3500 people in the UK and in Europe and is one of the largest Indian employers in Northern England. The company aims to add another 550 jobs without including acquisitions as it expands its business in the next five years.
TVS Logistics’ MD, Mr. R Dinesh added, “We started acquiring companies globally in search of knowledge, technologies, innovations, and global best practices, but today we deliver best in class logistics services in developed economies like the UK and the US. These are the capabilities which we can now offer to India’s logistics sector as well. SPC’s unique know-how can help us enhance our integrated services for our customers’ value chain”.
John Hemphill, CEO SPC, said that he was excited to be working with TVS Rico and believes that it is an excellent strategic fit. John and his management team will continue to run the business in the long term to oversee and develop further opportunities. “We are pleased to announce that the current staff levels will remain unchanged during this transition and all employees are being retained”, he added.