ASC Investment acquires Canon Germany Business Services
Munich — With retroactive effect from December 31, 2018, Munich-based investment company ASC Investment Sarl (“ASC”) is acquiring Canon Germany’s printing services business with over 300 employees. In the course of concentrating on its core business (sales of printing systems and solutions), Canon Germany had commissioned Bryan Garnier ’s German team to find a buyer with experience in the industry who would systematically develop the printing services and value-added services business. ASC Investment Sarl was advised by Reed Smith.
Canon Deutschland Business Services GmbH (CBS) is a printing and document management service provider with 45 locations across Germany, whose customers include well-known financial service providers, universities and the German government. Canon acquired this business unit as part of the takeover of Dutch competitor Océ in 2010. CBS has traditionally focused on providing on-premise and transactional printing services, but is increasingly moving into the document outsourcing space by selling value-added services such as scanning and digitization, document management and archiving, and design services. Last but not least, this area is to be further expanded with the support of the new owner.
ASC is an investment company with offices in Luxembourg and Munich and a focus on carve-out transactions (corporate spin-offs) in Europe. ASC Investment is backed by families and entrepreneurs and specializes in putting non-core divisions of international corporations on their own feet. The focus is always on developing a long-term strategy for the future. ASC makes use of an extensive network of entrepreneurs, managers and specialists from the relevant industries for business development. In recent years, ASC has successfully completed four similar transactions and will provide CBS with a strong team of experts with industry experience.
Advisor ASC: Reed Smith
The Reed Smith team was led by Global Corporate Group Florian Hirschmann, photo (Partner), Silvio McMiken, Tobias Schulz (all M&A/Corporate) and Thomas Gierath (Tax/ Partner).
Advisors to Canon:Bryan, Garnier & Co
Bryan, Garnier & Co acted as Canon’s exclusive financial advisor, setting up a bidding process that included both private equity and strategic prospective buyers. Bryan Garnier has advised on numerous transactions in the business services sector, including, for example, the sale of Xerox Research Center Europe to Naver, the sale of Conduent’s parking services business to Andera Partners and the acquisition of Danish Woonzorgnet by care services provider Orpea.