Private equity firm buys £50m controlling stake in Timico

Private equity firm Lyceum Capital has bought a £50m controlling stake in Newark-based managed cloud service provider Timico Technology Group.

As part of the deal, Simon Hitchcock and Geoff Neville of Lyceum joining as new non-executive directors. Timico’s founder, Tim Radford, will remain on the board as a non-executive director.

The move is the latest in a raft of sweeping changes by Timico CEO Ben Marnham who only joined the firm last September with the aim of restructing the business around a single Timico brand.

Ben Marnham

Marnham said: “Working with Lyceum Capital is a logical next step in Timico’s evolution, building on the foundations laid by Tim Radford and the team over the last few years. Lyceum have proven expertise in our sector and we share a very similar vision of Timico’s future within it. I am delighted we can now realise our plan to enrich our proposition and service portfolio so we can better serve our clients’ needs and fulfil our ambition to become a market-leading, end-to-end provider of IT and cloud solutions.”

Simon Hitchcock, partner at Lyceum Capital said: “Timico is led by a highly capable and impressive team, with a very well-defined strategy to take the business to the next stage in its development as a Managed Cloud Service Provider. It is clear that its clients, many of whom are long-standing, are firmly at the centre of its plans and can look forward to a very rewarding relationship with the business moving forward. We are delighted to be supporting Ben and the team through this next, exciting stage of acquisitive growth.”

Timico’s financial advice was supplied by Chris Brooks and his team at Lincoln International, with legal support from the team at Eversheds, led by corporate partner Jon Cox-Brown.