Managed print and IT services provider, EFEX, has bolstered print capabilities and regional footprint through acquiring a controlling stake in Queensland-based Think Office Technology.
In 2014, Think Office Technology became a part of financial services outfit, FlexiGroup, which will be retained as a minority shareholder.
While the value of the deal hasn't been disclosed, as of 1 July, EFEX and Think will merge operations, in a move totalling 11 locations with more than 120 staff and revenues ranging between $65 - $70 million.
Think has seven locations in Queensland including Toowoomba, Sunshine Coast, Gladstone, Emerald, Mackay, Townsville and Cairns, and is one of the largest sales and services provider’s for Konica Minolta.
EFEX CEO, Nick Sheehan, doesn’t anticipate to make many changes to the business post-merger, with the company set to retain Think’s branding for at least the next six months, in line with market momentum.
"We started on the process about nine months ago and Think has a really strong regional branch network. In the past five years, we’ve been growing rapidly and this is our next step in the process,” Sheehan told ARN.
“FlexiGroup are staying on as a minority shareholder, providing a good opportunity to invest in our business."
Sheehan said the business has been aiming to divest itself into regional markets during the last 12 months, since establishing five years ago, with offices in Sydney, Melbourne, Adelaide and Brisbane.
When speaking to ARN, Sheehan also outlined his desire to target the Perth market in the foreseeable future.
"That will help to complete the national footprint for us,” he said. “We’re really well represented between Adelaide and Cairns, but the obvious gap for us is in Perth, which we see as a real opportunity to continue growing.
"Beyond that, we’ll potentially look into expanding into the New Zealand market. That would make geographical sense for us."