Clearwater International has advised IKON Office Solutions plc on the sale of Kafevend to its management and Livingbridge.
IKON is a leading supplier of office equipment and a subsidiary of IKON Office Solutions Inc., a US-based NYSE-listed corporate. Kafevend was IKON’s only vending operation and was viewed as a non-core operation.
Kafevend, based in Crawley, is a leading supplier of vending services to the UK mid SME market. Kafevend prides itself on a comprehensive follow up service including the supply of drinks and servicing. It has broad UK coverage from offices in Crawley, Enfield, Leeds and Bristol. It targets SMEs which are often new users of vending solutions. Most of the machines are hot and cold drinks vending machines, but Kafevend also supplies snack, can and bottle vending machines plus Tana branded plumbed in filtered water dispensers.
The equity funding for the acquisition was provided by Livingbridge in return for a majority equity stake. Debt funding for the acquisition was provided by the Royal Bank of Scotland. Kafevend currently has 71 employees and its head office will remain in Crawley. Over 4,000 businesses rely on their daily beverages from vending machines supplied and serviced by Kafevend.