Initial investment: 04/12/2011
Fund: Buyout Fund I
- Acquired a hosting and disaster recovery business at completion to broaden the product offering.
- Completed the acquisition of 8el adding networking, connectivity, voice and hosted telephony to the portfolio of services.
- Broadened the customer base into public sector clients
- Completed the successful sale of Selection Services to AIM-listed Castle Street Investment (CSI) generating a 2x return.
Selection Services was market-leading in its sector with a blue chip customer base including David Lloyd Leisure, KPMG and Nuffield Health. We believed there was an opportunity to transform Selection Services from a traditional break/fix maintenance IT support business to a fully outsourced IT managed service provider taking advantage of the trends in the sector. Our growth strategy focused on continued organic growth through upselling higher-margin services to both existing and new customers and exploring the addition of new services via acquisition.
The support we received during Palatine’s ownership was invaluable and very significant. It enabled us to build upon our established service portfolio, increasing our capabilities and consequently our client options.