Private equity firm Rockpool Investments has sold IT company NCE to US trade buyer Park Place Technologies.
The exit has generated a 2.6x money multiple of equity invested for Rockpool investors and an exit IRR of 69%. It comes two years after Rockpool backed a management buyout of NCE in 2015.
NCE was established in 1981 and provides a range of IT maintenance services including secure servers and data systems, equipment repairs and part sales. It sells to customers around the world and has offices in the UK and the US.
Tommy O’Sullivan, Investment Director at Rockpool, said: “After two years of hard work and exceptional performance we are delighted to see the NCE management team complete a successful exit. Park Place Technologies is an ideal partner in its ability to carry NCE forward and leverage NCE’s skills and expertise to expand its capabilities and service and support functions for customers worldwide.”
Andrew Genever, former CEO of NCE, and newly appointed VP of Depot Operations at Park Place Technologies, added: “During our partnership with Rockpool, we transformed the business from a ‘mom and pop shop’ to an integrated international organisation known for quality and delivery across borders. As we join Park Place, we will continue to provide exceptional service to our customers worldwide, while utilizing Park Place’s broad expertise to offer our customers greater access to engineering capabilities, faster response times and a better service experience.”
The sale of NCE is Rockpool’s third exit this year. It currently has 55 companies in its portfolio and invests approximately £100 million a year in small and medium sized businesses.