Online storage retailer BiGDUG bought for £19m
06 July 2015
Shelving and racking company BiGDUG has been acquired by German direct marketing specialist TAKKT for £19 million.
BiGDUG will now become a part of TAKKT Europe’s Business Equipment Group (BEG).
In the 2014/15 financial year BiGDUG generated turnover of approximately £19million. Based in Gloucester, BiGDUG is a leading and established specialist in the online sale of business equipment, with an emphasis on storage solutions, and racking and shelving products. In just over a decade the company has grown to become the largest online retailer of shelving, racking and storage products in the UK. It now sells more than 20,000 storage products to over 250,000 customers.
"The acquisition of BIGDUG is an important milestone in our portfolio strategy to further strengthen our online activities and is therefore an ideal addition to our current businesses”, commented Felix Zimmermann, CEO of TAKKT AG.
BiGDUG has been able to build a loyal customer base in the UK with innovative marketing campaigns and a target group-oriented product range. "Since its foundation in 2004 BIGDUG has enjoyed very strong and profitable growth,” added Claude Tomaszewski, CFO of TAKKT AG.
To acquire a 100% share of BiGDUG, a purchase price of £19million was paid upon completion of the transaction. In addition, a further potential purchase price component of up to £6.3m is attainable based upon performance goals over the next three years, payable in 2018.
Previous owners, Doug Nourse and Jon Powell, will continue to be responsible for the future development and strategic direction of the company following the transaction.
Doug Nourse said: "We’re excited to have found such an ideal purchaser for BiGDUG, and they will help facilitate our further growth. This will be great for Gloucestershire and is sure to provide a positive economic impact on the company who are a leading employer within the county.”