AURELIUS acquires Wex Photographic
- Online retailer with half a million customers across the UK
- Integration with Calumet Photographic to offer significant synergies and create leading multi-channel, pan-European photographic retailer
- Combination of Wex Photographic with Calumet Photographic brings AURELIUS’ pan-European photographic retail businesses to combined revenues of EUR 175 million
Munich/London, March 2, 2017 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) (“AURELIUS”) today announces the acquisition of leading photographic retailer Wex Photographic (“Wex”) from Barclays, for an undisclosed sum. Following the deal, Wex will be merged with Calumet Photographic (“Calumet”), a multi-channel photographic retailer acquired by AURELIUS in June 2016, to create a leading omni-channel offering servicing the enthusiast and professional photographer market across the UK and Europe with combined revenues of over EUR 175 million.
Servicing half a million customers across the UK, Wex is the country’s largest online specialist photographic retailer, with an annual turnover of EUR 84 million. The integration with Calumet will offer significant strategic benefits to both companies with scope to couple Wex’s award winning, online expertise with Calumet’s pan-European in-store experience. Once combined, these factors will create a strong multi-channel business that will serve both the UK and the wider European market, supported by the firms’ complementary management teams and organisational infrastructure.
AURELIUS Vice President Eric Blumenthal, said: “We are extremely pleased to announce this acquisition of Wex, a high-caliber business and AURELIUS’ second investment in the specialist photographic retail sector, following that of Calumet last year. This highly synergistic acquisition demonstrates AURELIUS’ commitment to supporting and scaling our initial investment in Calumet, and also testifies to our continued interest and dedication to investing in UK businesses, post-Brexit.”
David Garratt, CEO Wex Photographic said: “The Wex team is very excited to be working alongside both AURELIUS and the Calumet team to develop and expand our existing strategy for the business. The combined business will be able to offer customers a genuine multi-channel experience and, by leveraging Calumet’s in-store expertise, significantly expand our leading online offering to a wider customer base in the UK.”
Christof Bergmann, Managing Director of Calumet Photographic, commented: “This further investment in the photography retail market by AURELIUS represents its continued commitment to the development of Calumet Photographic since its acquisition in June of last year. Wex’s leading positioning in the UK market, as well as its award winning online business, will substantially reinforce our Pan-European offering.”