Wed, 07 Mar 2018 | MBO/MBI
A Nottingham-based firm that provides IT solutions to a range of organisations has successfully changed ownership after a secondary management buy-out (MBO) was carried out.
Jigsaw24 provides many technological services to the corporate, creative and education sectors, as well as being a licensed installer and reseller of Apple, Adobe and Avid products.
The company has worked with firms including Barclays, Disney, Channel 4, BBC Sport and News UK since it was founded over 25 years ago. As a result Jigsaw24 has enjoyed a sales growth of over 120 per cent, racking up £125 million in the year up to May 2017, thanks to the stewardship of its former owners NorthEdge Capital.
Through a secondary MBO, NorthEdge have sold the IT firm onto private equity firm Alcuin Capital Partners, spearheaded by a management team led by Jigsaw24 managing director and founder Roger Whittle and its finance and operations director John Hughes.
NorthEdge first backed Jigsaw24 in April 2013, backing a team lead by outgoing chief executive Martin Balaam and enabling the firm to grow to meet burgeoning demand for creative technology in the corporate world.
Balaam described his time at Jigsaw24 as “an incredible five years”, and thanked his management team, partners and NorthEdge for its support. He will exit the firm along with NorthEdge.
Balaam added: “We are only at the start of the adoption of Apple and creative technology not only within the Creative Industry but also the broader Commercial & Enterprise business as “mobile first” is now reality and businesses have digital transformation at the top of their strategies.”
The deal was carried out with the support of Alcuin and PNC Financial Services.
Turnover of £1.7m with an adjusted EBITDA of £475k. Offers mobile and fixed communication services, as well as a comprehensive managed service portfolio to clients across Southern England.
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