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UK’s NorthEdge Capital inks second deal from £225m fund

17 Apr 2013

Having just raised £225m for its latest buyout vehicle, North England-focused private equity firm NorthEdge Capital has made its second deal from the fund, providing growth equity to IT company Jigsaw24.

Jigsaw Holdings, whose wholly owned subsidiary Jigsaw Systems trades as Jigsaw24, offers IT services to businesses across the UK.

The deal is the second transaction by NorthEdge following the investment in FPE Global in February.

NorthEdge, which is based in Manchester and Leeds, has acquired a majority stake in Jigsaw24 and said it will seek to accelerate growth plans both organically and through acquisitions.

Jigsaw24 is headquartered in Nottingham with a service operation based at MediaCityUK in Salford. It employs 143 people and has turnover of £60m. The business plans to open a facility in London later this year.

The deal was led by NorthEdge partner Ray Stenton. NorthEdge’s managing partner Grant Berry and investment manager Tom Rowley have joined the Jigsaw24 board as non-executive directors.

Stenton said, “Jigsaw24 is an established player in the Apple and creative IT solutions market with a well-established growing customer base. The business has enjoyed sustained growth through operating in sectors such as the creative industry and education, and capitalising on the increased acceptance of Apple solutions in the workplace.

“There are significant opportunities for further growth as Apple gains a wider share of the enterprise market and this investment provides the capital for more accelerated expansion. There is also huge potential in the application managed services offering of the business and also in mobile device management as an increasing number of employees use smartphones and tablets as part of their core workflow.”

Debt facilities for the deal were provided by Lloyds.

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