UK regional investor Palatine Private Equity has backed the management buy-out of British IT managed service provider Selection Services, in deal which also includes Cloud Data, a hosting and disaster recovery services business.
The firm, which has taken a majority stake in the company, provided equity funding alongside the senior management teams of both Selection and Cloud Data. The investment will support the continued growth of the group as it looks at further acquisitions and extending its offering to customers.
Based in Bromley, Kent, Selection is an independent provider of IT services to the SME market. The combined business has 360 employees and revenues of £28m.
Tony Dickin, Partner, Palatine Private Equity, said: “We are delighted to have backed the management buyout of Selection. We believe the combination of Selection and Cloud Data creates a strong platform from which to build a significant IT services business to take advantage of the trends in the sector. We look forward to working with the team to deliver on these strategic objectives.”
In October the firm also backed the secondary management buy-out of Wealth at Work, a provider of financial education and employee wealth management services in the workplace, from LDC.
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