decor decor
"Don't Panic. Pivot."

-Cheryl Amyx

Computacenter plc to Purchase Pivot Technology Solutions, Inc.

martinwolf Transaction Analysis
 
Computacenter plc to Purchase Pivot Technology Solutions, Inc.
*Financial Information ($USD)
  • Enterprise Value:    $237.8 Million
  • EV/REV:                 0.21x
  • EV/EBITDA:           10.3x
Transaction Facts
  • UK-headquartered solution provider Computacenter plc announced today that it entered into an agreement to acquire Canadian full-service IT services provider Pivot Technology Solutions.
  • The deal, which prices Pivot at C$2.60 cash per common share, represents a 40.5% premium to Pivot’s closing share price on Sept. 8, 2020 (the last closing day before the transaction).
  • The price per share also represents a 36.0% premium to Pivot’s 20-day volume weighted average share price.
martinwolf Analysis
  • Reflecting a Challenging Time: Pivot recently announced second quarter 2020 results reflecting impacts of “economic uncertainty” where overall revenue was C$332M for the quarter compared with C$460M last year, though gross margin increased to 15.1% versus 13.1% the previous year
  • Driving Toward Success: Computacenter also announced interim results for the first half of 2020, with overall revenue slightly above the same period last year but a significant rise in pretax profit, which grew 39% to GBP 74.6M driven by a surge of demand prompted by remote work from COVID-19
  • Building Bigger and Stronger: Computacenter today is one of the largest solution providers in the world and one of the fasted growers in the last three years, due to a combination of strong organic growth and smart acquisitions such as this one and that of San Francisco-based FusionStorm (we advised Computacenter).
  • Smart Leadership: Computacenter CEO Mike Norris, who has been chief executive for more than 20 years, is widely considered a leader in integrating companies and eliminating redundancies.
For more information about this transaction, click here to read the press release.
*Financial information from Factset
martinwolf was not the advisor in this transaction.
previous post Back to Articles next post

24 Jan 2022

Tailwind Capital Sells AST Corp. to Recognize Partners

Financial Information ($USD) Not Disclosed  Transaction Details Tailwind Capital today announced it has completed its sale of AST Corporation to Recognize Partners, a technology services focused investment platform. Financial information was not disclosed. AST, a leading cloud and digital transformation solutions provider, simultaneously announced the deal, categorizing it as a strategic investment by Recognize to enable AST to accelerate investment in innovation,...

03 Jan 2022

Office Depot Sells CompuCom Systems

 Financial Information ($USD) Transaction Value: ~ $305 million Enterprise Value: $1.72 billion EV/LTM Revenue: 0.19x EV/LTM EBITDA: 3.85x  Transaction Details The ODP Corporation (NASDAQ: ODP) announced that it has sold its CompuCom Systems subsidiary to an affiliate of Variant Equity in a transaction valued up to $305 million. The transaction consideration of up to $305 million consists...

29 Dec 2021

Happy Holidays – The 2021 martinwolf Annual Letter

Dear Clients, Partners, and Friends of martinwolf M&A Advisors,   I hope you all are having an enjoyable holiday season with family and friends.   It’s been my tradition in this annual end-of-year letter to spend time reflecting on the past year, and to look forward to what the next year holds for us. We have plenty...