Private equity firm NorthEdge Capital has sold IT firm Jigsaw24 for a 3.1x return on investment.
The business, which is the UK’s largest Apple reseller, has been sold to private equity firm Alcuin Capital Partners.
Jigsaw24 is based in Nottingham and provides Apple technology, Adobe and Avid software to customers in the corporate, creative and education sectors including Barclays, Disney, Channel 4, BBC Sport and News UK.
NorthEdge initially backed Jigsaw24 in April 2013 and since then the business has grown its sales by over 120% to £125 million in the year to May 2017. It has also more than doubled its EBITDA to over £4 million and completed three bolt-on acquisitions.
The secondary management buyout was led by Jigsaw24’s managing director and founder Roger Whittle and finance and operations director John Hughes.
Jigsaw24’s chief executive Martin Balaam will leave the company to lead Matrix Software Development, which has been spun off with investment from NorthEdge.
Andrew Skinner, Investment Manager at NorthEdge Capital, said: “Jigsaw24 has achieved sustained growth since NorthEdge’s investment and has built an impressive client base, including some of the UK’s best known brands. Through organic growth and strategic acquisitions, we have expanded the business’ geographical presence and enhanced its offer for customers.”
Adrian Lurie, Partner at Alcuin Capital, said: “Jigsaw24 is a leader in its field with a great team and strong track record of profitable growth. Their plans going forward are exciting and we are looking forward to working with Roger, John and the whole of the Jigsaw24 team to support this next exciting phase in the business’ development.”
Roger Whittle, Founder and incoming CEO of Jigsaw, added: “Our close collaboration with Apple in the exciting and growing areas of enterprise, education and digital transformation allied to our strong momentum within the media and entertainment sector backed by an expanding services proposition give us great confidence in the future.”