Gem has acquired 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, dotcoms and supermarkets.
Chris Peacock, Gem managing director said: "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."
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.