Investment firm Darwin Private Equity has acquired the online office supplies business Euroffice by backing a management buy-out (MBO) led by CEO Simon Drakeford.
George Karibian, Euroffice’s founder and non-executive chairman comments that Darwin’s backing will allow the company to accelerate its growth plans by investing in staff and technology.
The deal, which was for an undisclosed sum, is Darwin’s third investment in 2010 and follows the acquisition of the women’s fashion brand Fenn Wright Manson in October.
Founded in 1999, Euroffice trades exclusively over the internet and supplies a range of over 27,000 products such as printer ink cartridges and desks. In 2009 Euroffice expanded into the Italian market and currently employs 49 people in London and Milan.
Darwin was formed in 2007 and invests in UK-based businesses worth up to £100 million. The firm’s current fund has £217 million of commitments from investors including AIG Investments and Goldman Sachs.