Document Logic Ltd acquires Document XL.
The acquisition of Document XL, for an undisclosed amount, brings with it significant growth in the area, positioning Document Logic Ltd as one of the largest suppliers in the region. As Xerox Partner, Document Logic already provide their customers with the best possible equipment, services and support. With an annual turnover of £5m and high level clients across the UK and Ireland, which includes Fulford based TSYS and the York Archaeological Trust, the acquisition will only serve to bring greater customer service levels and a wider breadth of services available to a wider audience.
Document Logic Ltd was advised on the funding and acquisition of Document XL, by the Corporate Finance team of York and Leeds based Chartered Accountants, Garbutt + Elliott. Appointed due to their expert experience in raising finance and strategic planning, the Garbutt + Elliott team worked closely with Simon Wood, Managing Director at Document Logic Ltd, to negotiate the transaction and provide due diligence and financial forecast support.
Speaking of the deal, Managing Director, Simon Wood says “Following the acquisition of Barrett Business Machines in Huddersfield in January 2018, this is the perfect next step, and progression in the growth of Document Logic. In terms of the geography it is ideal and gives us a new office and customer base in the Manchester area, giving us offices right across the North, but as Document XL are also a Xerox reseller, bringing Document XL on board, is the perfect fit for our current Xerox business model. Working with Garbutt + Elliott has enabled me to feel confident throughout the process, knowing that I was recieving the best financial advice and support.”
Lead by Partner, Tony Farmer, the Garbutt + Elliott team, also consisting of Corporate Finance Manager, Mark Phillips, and Corporate Finance Executive, Richard Weston, advised Document Logic throughout the process, allowing for a timely and smooth journey through to deal completion in January 2019. Farmer says of their partnership, “We have been delighted to be a part of this deal and to help Simon continue the growth of what is already a leading business. We look forward to seeing Document Logic’s presence increase, both within the Yorkshire region and beyond.”
For all legal elements pertaining to the deal, Garbutt + Elliott worked with solicitor Philip Downing at Downing Legal.
Last year Garbutt + Elliott’s Corporate Finance team acted as lead financial advisor on 44 completed projects and has 30 currently in progress for 2019, across a variety of business sectors including manufacturing and engineering, printing, brewing, food, transport, healthcare, support services and technology. The completion of the deal with Document Logic Ltd is clearly just the start of another successful year.