6/10/2010 9:41:00 AM
Daisy acquires Fone Logistics for £3.6m
Daisy Group has bought Fone Logistics for a cash consideration of £3.6m.
Northumberland based Fone Logistics supplies handsets and airtime to more than 600 dealers, who predominantly sell to small-medium businesses, receiving commission from the networks for connecting customers. The business has also started selling a full suite of unified communications products.Fone Logistics has relationships with O2, Vodafone and Orange. It also has trading relationships with a number of the leading manufacturers. including Nokia and Sony Ericsson.
Fone Logistics will be managed by Daisy Group business Anglia Telecom Centres (Daisy Distribution).
Fone Logistics accounts for the six months ended 30 April 2010 show revenues, gross profit and EBITDA of £19.6m, £2.1m and £0.5m respectively.
Daisy has identified certain areas of the business that are to be discontinued or hived out at completion.
Daisy said it expects to generate significant operating synergies through this transaction and believes that the addition of 600 dealers will bring more business opportunities to the Group.
Matthew Riley, CEO of Daisy, said: ‘We are delighted to be able to announce this acquisition, which increases our competitive position in the mobile section of the unified communications market.
'This acquisition is also consistent with the Group’s stated ambition to further consolidate the fragmented communications market and enhances our product offering to the UK SME market. We will be continuing to pursue this strategy.’