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Pinnacle Document Solutions has been sold to Ethos Group

Cardiff – CFI United Kingdom is pleased to announce that they acted lead financial advisor to the shareholders of Pinnacle Document Solutions on its sale to Ethos Group.

Ethos Group has acquired the Pinnacle Document Solutions Group. The acquisition of the Welsh organisation further expands the Ethos Group’s Managed Print business.

As a fellow Xerox Platinum and HP Silver Partner, the acquisition of Pinnacle helps expand the Ethos Group’s print portfolio, further enhancing the bespoke service that Ethos can offer its customers whilst complementing and expanding its geographical reach. With a combined workforce of over 200 employees, annualised Group turnover will be in excess of £42M by the end of the next financial year whilst looking to maintain EBITDA at 18% of turnover.

The acquisition provides a successful exit for the Development Bank of Wales, who provided debt and equity funding to support the management buy-out led by Clive Hamilton.

Clive Hamilton, Pinnacle Document Solutions, Managing Director said: “We started this journey in March 2015 with the MBO, where Myself and the Board planned the M&A growth as well as the organic growth of Pinnacle within this 5 year period. The next step on this journey is now to look at how we can merge our skills, staff experience and customer loyalty to make a bigger more sustainable Business with far greater solutions and services that our clients will benefit from. After meeting Paul and Barry I knew that Ethos were the Group that will add this value, drive and support to allow us all to build a more consolidated business that is in keeping with the fast paced technology market place that we are working in. On a personal note I am very excited at the opportunity in working with Barry and his Senior Leadership Team to continue the Pinnacle story and journey going for the next 5 to 7 years.

Ethos Group is a provider of managed print and IT services.

Pinnacle Document Solutions is a leading print and document solutions provider in the UK and Europe with over 30 years’ experience and supporting over 3,500 managed devices.

Development Bank of Wales (30% owner of Pinnacle Document Solutions) is on the the UK’s largest regional investment companies and provides growth capital for small and medium-sized businesses.

The transaction closed on 17 March 2020.



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