GP Bullhound, the technology investment bank with offices in London and San Francisco, has acted as the exclusive financial advisor to Euroffice Ltd on its sale of a majority stake to Darwin Private Equity.

Euroffice is the UK’s leading online office supplies company serving the SME market.  With an internet-only business model, Euroffice is able to supply a range of over 27,000 products at highly competitive prices with next day delivery.  The SME office supplies market is estimated to be more than £1 billion in the UK and the on-line channel is growing significantly faster than the wider market.  In 2009 Euroffice began its international expansion with a successful launch into the Italian market.  The company now employs 49 people in London and Milan.

Darwin is backing the existing management team, led by CEO Simon Drakeford. Euroffice’s Founder George Karibian will remain with the business as Non-Executive Chairman.

This represents the completion of GP Bullhound’s tenth transaction in the Internet sector since 2009 and further underlines its leadership position in representing the elite of the European Digital Media sector.

Diana Saraceni, General Partner of 360 Capital Partners commented: “I'm pleased to see that, despite the tough climate for eCommerce at the time we backed the company, Euroffice turned out to be a very good investment. I have to be thankful to its management to have built such a sizeable and profitable business and to GP Bullhound's knowledge of the ecommerce sector that have ensured brilliant execution of the exit process”.