Secondary buyout at IT company Jigsaw24
Jigsaw24, the Apple reseller based at MediaCityUK in Salford and in Nottingham, has undergone a secondary management buyout backed by Alcuin Capital Partners and PNC Buseinss Credit.
The deal marketed a successful exit for private equity firm NorthEdge Capital.
Clearwater International UK advised the shareholders of Jigsaw24. The value of the deal has not been disclosed.
Founded in 1992, Jigsaw24 is an IT solutions and services provider in the B2B Apple reseller market which has been built upon the foundations of a 25-year relationship with Apple, and consistent year-on-year growth.
Jigsaw24’s core markets are corporate, creative and education. It has built a client base in excess of 25,000, with clients including Harrods, Disney, KPMG and Sky, and recently announced sales of £125m in the year to May 2017.
The business also provides creative solutions as Adobe’s primary partner, offering software, services and support to its creative network.
Jigsaw24 has completed three bolt-on acquisitions to extend its product and geographical portfolio including Square Group, the B2B Apple reseller; Matrix Software Development, the automated catalogue production software business; and Root6, the storage, solutions and service provider to media and creative industries.
The secondary management buyout was led by managing director and founder of Jigsaw24, Roger Whittle, and finance and operations director John Hughes, with the support of Alcuin and PNC Financial Services.
Jigsaw24’s chief executive Martin Balaam will exit the business with NorthEdge.
The Clearwater International team comprised of partner and head of TMT Carl Houghton, directors Rob Burden and Emma Rodgers, executive Daniel Delooze, and associate Kirsten Handley.
Burden said: “The market opportunities in Apple enterprise, creative industries and services are what set Jigsaw apart. With Apple likely to increase its penetration in all three areas over the next few years, this is a core attraction that led Alcuin to back the very talented team at Jigsaw24.”
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. It has been a pleasure working with Roger, Martin, John and the rest of the management team at Jigsaw24 and we are confident that the firm will continue its upward trajectory in its next chapter.”
Balaam said: “It’s been an incredible five years. We are only at the start of the adoption of Apple and creative technology not only within the creative industry but also the broader commercial and enterprise business as “mobile first” is now reality and businesses have digital transformation at the top of their strategies.”
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.”
