NorthEdge Capital sells IT services firm
NorthEdge Capital has sold £125m-turnover IT solutions provider Jigsaw24 to private equity firm Alcuin Capital Partners in a secondary management buyout.
Based in Nottingham, Jigsaw24 is a B2B reseller, integrator and managed service provider of Apple technology, Adobe and Avid software.
The company counts the likes of Barclays, Disney, Channel 4, BBC Sport and News UK among some its clients. It achieved strong sales growth over 120 per cent to £125m in its 2017 financial year.
NorthEdge initially backed Jigsaw24 in April 2013, supporting the existing management team led by CEO Martin Balaam.
This secondary MBO was led by founder and managing director Roger Whittle and finance & operations director John Hughes, with the support of Alcuin and PNC Financial services.
Balaam, who will also exit the business with NorthEdge, said: "It's been an incredible five years. 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.
"It’s been a pleasure to work alongside the Jigsaw24 management team and the wider Apple, Adobe and Avid community. I’d like to thank NorthEdge for their continued support and investment over the period and wish Alcuin and Jigsaw24 even greater success in the future."
On the NorthEdge side, the sale was led by managing partner Grant Berry and investment manager Andrew Skinner.
Skinner added: "Jigsaw24 has achieved sustained growth since NorthEdge's investment and has built an impressive client base, including some of the UK’s best known brands. Through organic growth and strategic acquisitions, we have expanded the business’ geographical presence and enhanced its offer for customers.
"It has been a pleasure working with chairman Iain Ferguson and Roger, Martin, John and the rest of the management team at Jigsaw24 and we are confident that the firm will continue its upward trajectory in its next chapter."