ABN Amro buys into OyezStraker

ABN Amro Capital, the private equity arm of ABN Amro has bought a majority stake in OyezStraker Group from Hermes Private Equity for €239.8m. Hermes has reinvested £7.8m (€11.5).

OyezStraker provides office supplies to the UK legal and professional services sector, with a customer base of over 25,000 firms. The business employs 1,150 people across the UK and has an annual turnover growth of approximately 16 percent, according to ABN Amro Capital.

Bolt-on acquisitions under Hermes Private Equity’s ownership include Whitegrove, Lynch McQueen, Office Zone, File and Data, Dudley Inkwell and Office Expert.

Paul Southwell, managing partner of ABN Amro Capital’s UK buyout team, said that, going forward, OyezStraker will focus on a UK buy and build strategy: “We saw this business three or four years ago when Hermes bought it and they have had a good track record of bolting on a number of smaller businesses. Our plan is to continue the strong strategy that the existing team has developed.”

ABN Amro announced last week that it is spinning out its private equity arm, which has approximately €2.5bn of funds under management. The business has undergone a series of changes in the last several months, with managing partner Ian Taylor’s surprise retirement at the end of last year, and the spin-out of its venture capital business as Forbion Capital Partners at the beginning of this year.

CMS Cameron McKenna, PwC and Roland Berger advised ABN Amro Capital; Deloitte, Pinsent Masons advised Hermes Private Equity and management.