Capita completes Trustmarque sale for more than £100m

The professional services giant has sold off Trustmarque to One Equity

Capita has completed the sale of its IT reseller and solutions provider Trustmarque for more than £100m.

The professional services giant purchased the business - which provides solutions in areas such as modern workplace, security and cloud - for £57m in 2016 but agreed to sell it to private equity firm One Equity.

Terms were agreed earlier this year and Capita revealed this morning (April 1) that the sale has been finalised.

Considering cash-like and debt-like items, the company received net proceeds of £118m at completion which included an additional £3m of contingent consideration.

Capita says the proceeds, net of transaction costs, will be used to strengthen the balance sheet and reduce debt.

The sale of Trustmarque follows that of its Secure Solutions and Services (SSS) business to NEC Software Solutions for £62m, which was announced in October last year, and software business AMT Sybex to Jonas Computing for up to £40m in December.

Mid-market investor One Equity Partners has a history of investing in channel businesses on an international level.

It funded US reseller CDI in 2019 and has previously invested in European resellers including Italian VAR Lutech and Norway-based software reseller Crayon.

Capita said earlier this year that Trustmarque's senior management team and employees will remain with the business.