iSpot, Poland’s largest Apple retailer owned by 1923 Investments plc, has finalised the acquisition of 100% of the shares in Cortland, another prominent Polish Apple Premium Reseller with a chain of 16 stores nationwide and a staff complement of 180.
The combined business is expected to generate revenues in excess of €250 million in 2023. It will boast a network of 47 Apple Premium Resellers and service points in some of the best locations in major Polish cities with a team of 600 people. iSpot currently operates 31 Apple Premium Resellers across Poland, offering innovative Apple integration solutions, technical assistance and training to corporate and retail clients, local authorities, schools and universities. Cortland stores will be rebranded iSpot within 12 months.
With its extended structure, the business will enjoy significant competitive advantages: the combination of iSpot’s leadership in Apple retail sales and Cortland’s healthy B2B portfolio, and greater opportunities to extend the store network to bring the Apple brand closer to its fans and to new catchment populations. Later this year, the business will open Apple Premium Partner stores, a new retail initiative launched by Apple to develop large stores in partnership with franchisees.
1923 Investments is the investment arm of Hili Ventures Ltd. The acquisition of Cortland aligns with 1923 Investments’ strategy to achieve growth by acquisition which allows the company to extend its portfolio, grow in sectors in which it can optimise occupancy, and scale market presence successfully and sustainably.
“Both iSpot and Cortland are enjoying strong sales growth, and this is an exciting opportunity to maximise our commercial potential”, 1923 Investments Chief Executive Officer Keith Busuttil said. “Together, iSpot and Cortland will bring to market an unmatched portfolio of Apple and third party products, backed by an extensive inventory and marketing support. The scale and the scope of the new business will bring about opportunities for further growth, particularly in the education sector and in B2B. The company will also become Poland’s number one Authorised Service Provider.”
“Our management team is excited to welcome everyone at Cortland into our fold”, iSpot CEO Dariusz Zająkała added. “We are looking forward to bringing the iSpot and Cortland teams and networks together to elevate our offering to our retail and B2B customers. All our people will be key drivers in the success of the combined business, and we are committed to invest in them to secure our collective growth.”