GSH Private Capital has acquired international IT services company Getronics in a deal worth €200m, the second time in three years that the company has been sold. GSH said it is “safeguarding” thousands of jobs across Europe, Asia Pacific and Latin America with its move.
The Amsterdam, Netherlands-headquartered Getronics has sales of around €300m and employs 4,000. Founded in 1887, Getronics is one of Europe's oldest technology services firms and has over 2,000 customers, including a number of global brands.
Previously a minority shareholder in Getronics, UK private equity firm GSH is now taking control of the company, “injecting energy, time and long-term investment, following a challenging period of transition for the business”, it says.
US-Brazilian entrepreneur Nana Baffour bought Getronics from asset management company AURELIUS in July 2017 for $220m. In 2018, Baffour then acquired Kentucky, US-based MSP Pomeroy through new financing. After initially rebranding as Getronics later that year, Pomeroy then split from the Getronics business and became an independent company. Baffour left Getronics last November.
Getronics leads the GWA (Global Workplace Alliance), a partnership of 11 key strategic Alliance partners, which jointly deliver services in more than 180 countries.
GSH said Kenton Fine (pictured) will be brought in to lead the group as executive chairman. Fine said: “We’re proud to be custodians of this venerable business, we have thousands of colleagues now looking to a new management team for consistency and continuity.”
Fine previously spent 25 years building international facility management company Servest. Also joining the new team are CFO Mike Field, previously CFO at RMBCIB, and Andre Ribbens as group transformation director. They will work alongside current COO Rogier Bronsgeest and CTO Harsha Gowda, to “steer the company, installing robust processes, firm governance and operational stability”, said GSH.
Bronsgeest said: “Kenton is bringing ideas, people and much needed capital to bear. It’s a great time for Getronics and our stable of valued clients.”
The acquisition includes all geographies the company operates in, including Argentina, Brazil, Chile, France, Germany, Hungary, India, Ireland, Italy, South Korea, Malaysia, the Netherlands, Portugal, Romania, Singapore, Spain, Taiwan, and the UK. Belgium and Luxembourg aren't currently included in this list, said GSH, as “due diligence has yet to be completed”.
