IT services firm to be sold off in deal worth £115m

York-headquartered IT services and solutions firm, Trustmarque, is being sold by Capita plc to One Equity Partners for £111m.

Capita says it expects to receive net proceeds of about £115m on completion, while an additional £3m is receivable by Capita contingent on certain future events.

Trustmarque is a top-tier partner for global technology vendors. Its net reported revenue and pre-tax profits for the assets subject to transaction for the year to 31 December 2020 were £122m and £16m respectively. Its gross assets were £240m at 30 June 2021.

The Trustmarque senior management team and employees will remain with the business.

Capita previously announced its intention to sell a number of non-core businesses, including Trustmarque, to strengthen its balance sheet and focus on its two core divisions – Capita Public Service and Capita Experience.

The sale of Trustmarque follows the recently completed sales of software businesses AMT Sybex, and Secure Solutions and Services.

Jon Lewis, Capita’s chief executive officer, said: “Once this sale is completed, we will have exceeded our disposals target – and achieved this much earlier than originally planned.

“It marks another significant step towards materially reducing our debt, as we continue to simplify and strengthen Capita, and become a more successful business for the long term.

“We are now focused on selling the remaining businesses in our Portfolio division, with the goal of disposing of the majority by the end of 2022.”

Barclays Bank PLC, acting through its Investment Bank is acting as sole financial advisor to Capita.

Join us at the 2022 Rainmaker Awards