Service and solution specialist Concorde Informatics has been snapped up by a consortium of local businessmen for a seven-figure sum.
The Brighouse-based firm, which is one of the North of England’s top VARs, will be managed by consortium leader Colin Meakin, the firm’s former business development director, who joined the company a year ago after agreeing a deal in principle with shareholders to set up a buy in management buyout (BIMBO).
Before the BIMBO, Meakin had previously spent 21 years at west Yorkshire-based ICM Computer Group as sales and marketing director. Chief executive of ICM, Barry Roberts, will act as non executive chairman of the firm.
Marcus Armstrong of Leed-based commercial law firm Lupton Fawcett and James White of accountants Brown Butler advised the consortium on the deal, which included setting up a new company Concorde Excel Holdings to purchase the shares in Concorde Informatics.
Concorde Informatics was set up in 1985 and boasts a turnover of £7m with 50 staff across three sites. The firm is an HP authorised service provider, a Microsoft Gold partner and also has two specialist divisions offering tailored software to the automotive and public safety sectors.
Meakin and Roberts now hold a majority stake in the company. Other owners in the consortium include two former major shareholders Terry Locker and Kieran Trimmer who will continue as part of the senior management team. Locker will take the role of sales director and Trimmer continues as finance director.
Meakin hinted at further acquisition activity in a statement: “Concorde Informatics is a successful business with an excellent reputation and plenty of scope for future growth, both organically and through acquisition.”
Because the acquisition was through a BIMBO, Meakin said the move will cause ‘little or no’ disruption to clients and the day-to-day running of the business.
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