Two of the UK’s largest photo retailers will merge after the investment firm that owns Calumet Photographic purchased Wex Photographic.
Aurelius quity Opportunities SE & Co. KGaA announced it has purchased Wex from Barclays for an undisclosed amount and will merge the leading retailer with Calumet, which Aurelius already owns.
Aurelius acquired Calumet in June 2016, and the integration of the two retail sites servicing the UK and Europe will generate combined revenues of €175 million.
Wex currently services half a million customers in the UK. David Garratt, CEO Wex Photographic said: “The Wex team is very excited to be working alongside both AURELIUS and the Calumet team to develop and expand our existing strategy for the business.
“The combined business will be able to offer customers a genuine multi-channel experience and, by leveraging Calumet’s in-store expertise, significantly expand our leading online offering to a wider customer base in the UK.”