London, England (27 March, 2017) – Alan Cantwell and Hilco Capital today announce that they have executed a definitive agreement with Systemax Inc. (NYSE: SYX) to buy 100% of the shares of European Technology Products Group businesses (“Misco”) for an undisclosed amount. As part of the transaction, Systemax will retain its operations in France.
The transaction closed on Friday, March 24, 2017 and Misco will be acquired by a new company formed by the management buy-in team led by Alan Cantwell and Hilco Capital Limited.
Chris Emmott of Hilco Capital said, “We are pleased to have concluded a transaction with Systemax for their European operating business. We, alongside the experienced management team led by Alan, are looking forward to working with all of the new employees, customers and suppliers whilst focusing on putting the business on a new growth pathway.”
Alan Cantwell commented, “We believe this transaction is a significant step forward for Systemax and Misco, enabling both parties to focus on their respective strengths in industrial products in North America and IT solutions in Europe. We are acquiring a business with huge potential to expand in the European IT services market.”
About Systemax Inc.
Systemax Inc. (www.systemax.com), sells industrial and technology products through a system of branded e-Commerce websites and relationship marketers in North America and France. The primary brands are Global Industrial and Inmac Wstore.
Misco is one of Europe’s largest suppliers of IT hardware, software and services to businesses and public sector organisations. With a turnover in excess of $500 million, the company has more than 1,000 employees across the UK, Netherlands, Italy, Spain, Sweden and its shared service centre in Hungary.