Top 20 UK reseller and MSP acquisitions of 2022

From Stone and Trustmarque to Caretower and Q Associates, here we count down the biggest deals of the last 12 months

Doug Woodburn
clock • 21 min read

1. Trustmarque

Acquirer: One Equity Partners

Deal summary:

Capita completed its £118m sale of Trustmarque to private equity house One Equity Partners on 1 April 2022, after first announcing the deal in January.

Capita CEO Jon Lewis said £118m disposal of Trustmarque marked a "significant step" in cutting Capita's debt

Rationale:

Having acquired the Microsoft partner (for £57m) in 2016, Capita put Trustmarque on the chopping block last year as part of a wider non-core disposal drive.

York-based Trustmarque generated a pre-tax profit of £16m on revenues of £122m in 2020, Capita said. But going by the £333m in gross invoiced income reported in Trustmarque's 2020 accounts (its 2021 accounts were about to be filed as this article went to press), it is the biggest VAR acquisition of the year from a top-line perspective. CRN understands that Capita chose to roll some of its other similar business into Trustmarque ahead of the sale, which would make that figure significantly larger still.

The deal marked a "significant step" in cutting Capita's debt while helping it simplify its business, its CEO Jon Lewis said. Trustmarque's management claimed it now has an owner committed to growing the business, meanwhile.

Key quote:

"I know I speak for our 400 plus colleagues when I say that we are exhilarated at the prospect of beginning a new chapter with One Equity Partners. We will be an independent business with the support of a shareholder that is committed to investing in the business to build a broader platform of customers and capabilities. This presents us with a great opportunity to invest in our brand and to affirm our position as one of the UK's most prestigious value-added resellers," Trustmarque managing director, Ben Richardson

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