JOHANNESBURG, August 28 – Records and information management firm, Metrofile Holdings, announced on Monday that the Competition Commission had approved its 100 percent acquisition of Tidy Files, a provider of end-to-end document management and storage solutions in Southern Africa.
Tidy Files is renowned for the design, supply and implementation of paper-based and electronic document and records management solutions.
Metrofile said the R75 million acquisition, which was initially announced in June subject to approval, has been funded with cash resources and is official as of 1 August.
Metrofile group chief executive, Pfungwa Serima, said in a statement that the acquisition was aligned with the company’s strategic growth objective.
“Through the acquisition of Tidy Files, Metrofile can complement and expand its client service offering across Africa and the Middle East, providing an even more complete range of filing and archiving solutions across all industries,” Pfungwa said.
Tidy Files chief executive, Gavin Leonard, said that the timing was right for the acquisition.
“We have grown the business into a recognised leader with the support and backing of private equity firm Spirit Capital for the last ten years,” Leonard said.
“Time to expand and launch a new growth trajectory was imminent, so the Metrofile acquisition was positively received and is an exciting new period for the company.”