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21 Aug 2006
Software reseller Trustmarque Solutions has completed a £28m management buy-out (MBO) to speed up its plans to become a £200m company within four years.
Trustmarque bought the company from its existing shareholders, with the financial backing of Lloyds TSB Development Group (LDC). The VAR works with vendors including Novell, SurfControl, McAfee and Microsoft, for which it is a large account reseller.
Ross Miller, managing director of Trustmarque Solutions, told CRN that there was no planned restructure for the company and that it was still business as usual.
“We will now grow organically and through acquisition to offer a range of other services based around software licensing,” he said. “We have a strong backer, and this will help us to put distance between ourselves and the competition.”
Trustmarque claimed to have witnessed an average sales increase of 28 per cent over the past four years, with its turnover rising from £74m in 2003 to £121m in 2006.
John Swarbrick, senior director of LDC, said: “We’re backing a strong management team that has been instrumental in establishing Trustmarque as one of the biggest and most respected resellers in the IT market.”
Greg Carlow, managing director of VAR Repton, told CRN that Trustmarque’s ambition to become a £200m company within four years was not over ambitious.
“There are a lot of competitors in Trustmarque’s market and one of them has to become the largest runner. This is where Trustmarque seems to be headed,” he said. “Performing an MBO will probably help it to get closer to achieving its aims.”
James Calvert, chief executive of analyst house Regent Associates, told CRN that performing an MBO is a good recipe for growth.
“MBOs are a good way to grow a company’s value, as well as to supplement it with both organic growth and acquisition growth,” he said.
“MBOs are a very sound strategic move. I am sure that this will help
Trustmarque to become the most
dominant player within its market sector.”
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