News

Gem acquires French distributor Banque Magnetique and enters Pan-European distribution (30/11/2007)

Gem has today announced the acquisition of a leading French distributor of consumer electronics and IT peripherals. Banque Magnetique, a Paris based company with sales of €245m (£170m), is the number one supplier of electronic and IT peripherals to the French retail market with customers spanning top French IT/electrical retailers, dot-coms and supermarkets.

This acquisition is a key move in supporting the needs of Gem's suppliers and retail partners, establishing Gem as a Pan-European distributor to further develop our growth opportunities.

Banque Magnetique boast a product range consisting of many existing Gem brands including Logitech, Creative, Netgear, Pinnacle Systems and Linksys. They are also a key distributor of Sat-Nav products from vendors including Via Michelin and Navman. The move will provide new opportunities for product synergies between the two businesses in the UK and France.

Chris Peacock, Gem Managing Director says "This acquisition is extremely exciting to both companies, establishing us as a Pan-European distributor, something that many of our customers and suppliers have wanted Gem to achieve. It will also provide growth opportunities for both companies as we look to expand our product strategies together".

Jim Flavin, Executive Chairman of DCC plc, added: "Banque Magnetique is an excellently managed business which has experienced strong growth over the past three years. The acquisition will significantly strengthen Gem's position in European retail consumer electronics distribution.

Banque Magnetique will retain its name and employees as it begins to work closer with Gem to expand its business. The acquisition is subject, inter alia, to clearance from the French competition authorities.

www.gem.co.uk