Intrinsic in £30m MBO

Majority shareholder Allan Gauld sells to management team led by Mike Mason

VAR Intrinsic Technology has been the subject of a £30m management buyout (MBO) led by chief executive Mike Mason (pictured).

The MBO, backed by private equity firm RJD Partners, sees the management team take over from its founder and majority shareholder Allan Gauld, as it looks to growth in areas such as the cloud, UC and virtualisation.

In a statement, Mason said: “Having worked in the business team for nearly two years, I am delighted to now take the business forward to the next stage in its strategic plan, along with the current management team and existing teams beneath them.

“Intrinsic has developed an excellent reputation for high quality and responsive customer service. We aim to build on this by taking advantage of both the organic growth and acquisition opportunities presented in a dynamic but fragmented market. RJD is an experienced investor in the IT services sector and fully shares our ambitious vision.”

Frank Bulman, partner at RJD Partners, said: “Mike Mason has a proven track record of creating transformational ICT solutions, delivered and underpinned by strong service organisations. We are delighted to have the opportunity to back him in leading a highly motivated and impressive management team and workforce in the buyout of Intrinsic. The company is an innovative player in an attractive market with excellent growth potential, and we look forward to working with the team to fully exploit this.”