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SECONDARY BUYOUT OF NOTTINGHAM-BASED IT FIRM

Nov 30, 2017

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We recently advised the management team at Jigsaw24 on the secondary private-equity backed buyout backed by Alcuin Capital Partners (“Alcuin”). 

Nottingham-based IT services provider, Jigsaw24, whose clients include the likes of Barclays, Disney, Channel 4 and BBC Sport has been sold by NorthEdge Capital to Alcuin.  

Jigsaw24 is a B2B reseller, integrator and managed service provider of Apple technology, Adobe and Avid software. NorthEdge initially backed the business in April 2013, supporting a management team led by Chief Executive, Martin Balaam. 

The secondary management buyout was led by Jigsaw24 Managing Director and Founder, Roger Whittle, and Finance and Operations Director, John Hughes. Current, Chief Executive, Martin Balaam, will exit the business.  

Growing fast 

Since its previous buyout, Jigsaw24 has more than doubled its EBITDA to more than £4m and successfully completed three bolt-on acquisitions to extend both its product line and geographical portfolio, which now includes London, Manchester, Cardiff and Glasgow. 

Its acquisitions to date include Square Group, a B2B Apple reseller, Matrix Software Development, an automated catalogue production software business and Root6, a storage, solutions and service provider to the media and creative industries. 

Jigsaw24’s success is largely in response to the increasing popularity of creative technology in the workplace, and demand for video content across multiple business sectors. 

What people said 

Roger Whittle, who’s going to be Jigsaw24’s new Chief Executive, said: 

“I and the senior management team at Jigsaw24 would like to thank Grant, Andrew and everyone at NorthEdge for their professional support these last five years. 

“With John Hughes as COO alongside myself, and some significant additions to our revitalised management team, we are excited about implementing our ambitious investment plans, as we work together in close partnership with Alcuin, taking Jigsaw24 onto the next level together. 

“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.”

Cooper Parry Corporate Finance acted as advisers to the management team on the deal.

Cooper Parry Corporate Finance Partner, Ben Rookes, added: 

“We’re delighted to have acted for Roger and John again, six years following the first private equity investment by NorthEdge Capital. We wish the team all the very best with their future growth plans.” 

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