Palatine Private Equity has backed the management buyout of Bromley, Kent, UK-based Selection Services, an IT managed service provider, after taking a majority stake in the business.
The transaction also included the acquisition of Cloud Data, a hosting and disaster recovery services business. Palatine has provided equity funding alongside the senior management teams of both companies.
Selection is an independent provider of IT services to the SME market, delivering a broad array of managed services and solutions and strategic advice. The combination of the two companies creates a business with 360 employees and revenues of £28m. with extensive capabilities in the hosting and cloud computing arena.
According to a written statement, the investment will support the growth of the group as it considers to make additional acquisitions and extend its offering.
In conjunction with the transaction, Tony Dickin and Jonny Allatt will join Selection’s board.
The company’s management team includes Grahame Harrington and Harvey Downer, the current MD and FD of Selection, who will be joined by the Cloud Data team: Anthony Galley joins as Chairman of the company and Glenn Carroll as Business Development Director.
FinSMEs
21/12/2011