GEISHA KOWLESSAR-ALONZO
Solis (Eric Solis Marketing Ltd) has acquired services and products provider Business Equipment and Interiors International Ltd (BEI) which now will strengthen Solis' market share.
The announcement of the acquisition, which was signed by Solis chair Angella Persad, was made public in a notice posted on the T&T Stock Exchange yesterday.
"The board of directors of Eric Solis Marketing Ltd wishes to advise that Solis has acquired BEI. This acquisition increases our market share and strengthens us in our core copier and printer business as well as positions SOLIS as a diversified player in the office furniture and office interiors markets," the announcement said.
It further noted that BEI is the authorised dealer in several southern Caribbean countries for:
• Kyocera printers and copiers;
• Dams Office Furniture;
• Tarkett commercial flooring.
Solis, a provider of multifunction printers, print solutions and commercial displays in T&T, is the authorised dealer for Samsung, Konica Minolta, hp, Lexmark, Brother, Riso and Fellowes, and is a subsidiary of The Office Authority Ltd.
In the announcement, Persad stated, "We thank the former owners of BEI who built the company for over 30 years and we welcome their staff to our group to continue its growth, anchored on the company’s strong foundation."
In July 2024, Solis launched its initial public offering (IPO) of 2,750,000 ordinary shares at $4, representing 33 per cent of the total issued ordinary shares in the company.
Guardian Media reached out to Persad regarding how much the acquisition cost and how would it enhance the company's market share.
She said the acquisition strengthens Solis’ market share both locally and in the southern Caribbean, and diversifies its business into new product areas such as office furniture and office interiors.
Regarding the cost she said, "We are restricted under the confidentiality provisions of the share purchase agreement, from publicly disclosing certain details unless and until required by law. We therefore cannot share the transaction details prior to disclosing to our shareholders in the appropriate form and time."