Trustmarque has been the subject of a £43m management buyout, backed by buyout specialist Dunedin.
The York-based business, which employs 180 people at three locations including Bracknell and Edinburgh, was acquired from former owner, private equity firm LDC, through Dunedin’s trademark DebtBridge solution.
CRN understands that chief executive Scott Haddow and sales and marketing director Angelo Di Ventura were at the heart of the MBO.
The fast-growing firm recently celebrated its best ever financial year, with turnover rocketing 14 per cent from £115m to £141m, and pre-tax profit growing nine per cent from £4.6m to £5m.
In a statement, Haddow (pictured) said: “Dunedin’s investment is a key milestone in the evolution of the business. Trustmarque has developed significantly over the past four years. Our ambition now is to cement our position as an independent end-to-end technology services provider and the trusted adviser of choice for blue chip and large government enterprises.
“Dunedin took the time to understand our business, the journey we are undertaking and our long-term goals. They share our passion and drive and recognise the opportunities that lie ahead. Dunedin’s DebtBridge product meant that the deal could get done quickly, while ensuring certainty of delivery to everyone involved.”
Mark Ligertwood, partner at Dunedin added: “We are pleased to be investing in Trustmarque, a highly successful market leader with a clearly positioned brand and an exceptional reputation within both the commercial and public sectors. The UK market for software and IT services is currently worth an estimated £40bn and is expected to grow at two to five per cent to 2016. The UK’s IT market is second only in size to that of the US and Japan and the growth opportunities are significant as private and public organisations invest in the latest products to increase business efficiency.
“Trustmarque has earned extensive market recognition for its performance to date and this is very much to the credit of its first-class management team. We share their vision for the continued transformation of the business and look forward to working with them.”
Steve Harrison, director at LDC, said: “Trustmarque has developed into a market leader in value-added technology services. The transformation of the business is testament to the close working relationship that we developed with Scott Haddow and his team, and hard work behind the scenes to create a diversified business of significant scale in a highly fragmented market. We wish the business all the best in the future as it embarks on its next stage of growth with Dunedin.”
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