Wolseley backs printer recycling business

The management buyout of Cartridge World by Wolseley Private Equity is likely to be the largest acquisition so far by the Australian buyout firm.

Australian buyout firm Wolseley Private Equity has bought global printer cartridge group Cartridge World for an undisclosed sum.

Wolseley has bought a 70 percent stake and management 10 percent from business’ founders Bryan Stokes and Paul Wheeler, who will retain the remainder of the business.

The company is the only global player in cartridge replacement and one of the fastest growing franchise groups in the world, Cartridge World said in a statement. Its retail revenues are more than $350 million (€260 million) worldwide.

Wolseley was established in 2004 and it currently has three companies under management: building maintenance company EW Cox, electrical company Pacific Services Group and fruit distributor Freshmax.

The deal is likely to be the company’s biggest to date, as Freshmax – the largest company in Wolseley’s current portfolio – has a turnover of $200 million. 

The buyout firm closed its first fund on $110 million.