Intrinsic completes £30m buyout
THE founder of Haydock-based IT firm Intrinsic Technology has sold the business to his management team in a private equity-backed deal worth £30m.
Allan Gauld has sold the business to a management team led by chief executive Mike Mason, which has been backed by RJD Partners – a London-based private equity firm which also has a stake in Cheadle-based textiles licensing business Character World.
Mr Mason, who has more than 25 years worth of experience in the IT industry, has been running Intrinsic Technology for just under two years.
He said: “I’m delighted to now take the business forward to the next stage in its strategic plan, along with the current management team and existing teams beneath them.
“Intrinsic has developed an excellent reputation for high quality and responsive customer service. We aim to build on this by taking advantage of both the organic growth and acquisition opportunities presented in a dynamic but fragmented market.
“RJD are experienced investors in the IT services sector and fully share our ambitious vision.”
Intrinsic Technology employs around 85 staff and in the year to November 30, 2010 it made a pre-tax profit of £2.1m on sales of £27.4m. In recent years sales have grown rapidly as it has carried out more business transformation projects using server virtualisation and cloud computing space.
Frank Bulman, a partner at RJD said: “Mike Mason has a proven track record of creating transformational ICT solutions, delivered and underpinned by strong service organisations.
“We are delighted to have the opportunity to back him in leading a highly motivated and impressive management team and workforce, in the buyout of Intrinsic. The company is an innovative, leading player in an attractive market with excellent growth potential.”
