Reseller Elcom IT has been acquired by a group of private investors, brought together by a compnay called Owner Venture Managers Limited (OVM).
The purchase will mean Elcom IT now has access to funding an acqusition of its own. Most of the investors will not be involved with the day-to-day running of the firm, although Elcom said some investors will take up executive positions, meaning the transaction is known as a Management Buy-In (MBI)
Tony Davis, formerly the managing director at Elcom, will remain with the firm as financial director, and Nick Ellis will now become managing director. Ellis has a background in software, and intends to drive the firm's application software strategy.
“We believe Elcom offers the perfect vehicle to allow the MBI team to achieve its objective of growing turnover and significantly improving the bottom line,” Ellis said in a statement.
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