Data company sells out to AIM-listed Iomart Group
The corporate teams at Pannone Corporate and KJG Chartered Accountants have advised entrepreneurs Rob Garbutt and Paddy Doyle on the sale of their company, LDeX, which operates data centres in Manchester and London.
LDeX has been bought by Glasgow-based AIM-listed Iomart Group for an undisclosed sum.
The deal comes eight years after the pair sold their first data centre business, UK Grid, which was founded at Manchester Science Park in 2004, to Telecity Group for £11.7m.
Pannone Corporate partner Tom Hall and KJG partner Steven Lindsay advised Rob and Paddy on the latest sale.
They also advised the pair on the sale of UK Grid in 2011.
The Pannone team for the sale to Iomart also included Amy Chandler and Miranda Foy.
Rob and Paddy founded LDeX in 2012 following the Telecity Group buyout and provides data centre services.
Iomart Group is one of the UK’s leading providers of managed cloud services.
Tom said: “It has been a real pleasure to have advised Rob and Paddy on another fantastic deal. Once again, the pair has built up a leading data centre business which has proven to be an attractive target to a leading plc.
“Their track record of successful exits is a true testament to their hard work and ability, and we were delighted to work with them again.”
Steven added: “This is another example of an owner-managed business run by excellent entrepreneurs. To do what Rob and Paddy have done once is excellent, to do it twice is exceptional.”
Rob said: “Tom, Steven and their teams have worked with Paddy and me for many years. They have helped us achieve growth that led to the successful sales of both UK Grid and LDeX.”
