Trustmarque was acquired from LDC. The business recorded revenues of over £130m for the year ended 31 August 2012.
It employs 180 people at three sites in York (HQ), Bracknell and Edinburgh and currently serves over 1,200 clients including RBS, Lloyds Banking Group, Sainsbury’s and Capita. Public sector clients include the NHS, Ministry of Defence, Ministry of Justice, HMRC, local authorities and NHS trusts throughout England, Scotland and Wales.
Mark Ligertwood, partner at Dunedin said, “We are pleased to be investing in Trustmarque, a highly successful market-leader with a clearly positioned brand and an exceptional reputation within both the commercial and public sectors. The UK market for software and IT services is currently worth an estimated £40bn and is expected to grow at 2%-5% to 2016. The UK’s IT market is second only in size to that of the US and Japan and the growth opportunities are significant as private and public organisations invest in the latest products to increase business efficiency.
Under LDC’s ownership, Trustmarque transformed from an IT reseller into a provider of IT services, growing services-driven revenues to 33 per cent of turnover from a standing start, and its headcount rose from 110 in 2009 to over 180. In 2011, Trustmarque acquired Nimbus Technology Systems.
Steve Harrison, director at LDC, added, “Trustmarque has developed into a market leader in value-added technology services. The transformation of the business is testament to the close working relationship that we developed with Scott Haddow and his team, and hard work behind the scenes to create a diversified business of significant scale in a highly fragmented market. We wish the business all the best in the future as it embarks on its next stage of growth with Dunedin.”
This investment follows three exits and the £34.5m management buyout of Premier Hytemp, all of which have been completed by Dunedin during the last twelve months. Dunedin has also completed a total of seventeen portfolio acquisitions since 2011.
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