S Central managing director, Peter Mavridis, will step down from the role of acting CEO of ComputerCorp after a tie up between the two hit delays.
Mavridis took on the role in late June after ComputerCorp CEO, Robin Rindel, bowed out following the announcement of the ASX-listed integrator’s (ASX:CZP) acquisitions of Synergy Plus from listed player, Hyro Limited (ASX:HYO), for $9.3 million and S Central.
The combined company is set to be rebranded Synergy Plus, subject to shareholder approval, and would form a listed IT integration powerhouse.
ComputerCorp central and western region sales director, Peter Cappendell will take over as acting CEO.
In a statement to the ASX, ComputerCorp chairman, Domenic Martino, said the move was made to enable Mavridis time to finalise preparations for the deal.
The acquisition has been hit by delays as a result of the failure to get all S Central shareholders to provide written approval of the acquisition and for ComputerCorp shareholders to approve the transaction at a general meeting.
As a whole, the group has 300 full-time staff across 12 locations and joint annual revenue of $250m. At the time of the announcement the companies said in a statement, that switching management from Western Australia to the east coast reflected the changing dynamic of its business operations. Once completed, more than 80 per cent of the combined group’s revenues will derive from outside of WA.
ComputerCorp will pay $9.3m for Synergy Plus over a three-year period, with a minimum purchase price of $6.5 million. It will also acquire all shares in S Central in exchange for a cash injection of $5 million from its key shareholders, Mavridis and Polly Mazaris. Once completed, the pair will own a 30 per cent stake, becoming the largest shareholders.
Representatives from ComputerCorp and S Central had not responded to requests for comment by time of publication.