Private equity firm Inspirit Capital has completed the carve-out acquisition of a West Midlands-based provider of IT and lifecycle services. The deal was supported by funding from Shawbrook.
Stafford-based Converge UK provides IT services including hardware, software, managed services and asset disposal. Founded in 1991, the business supports a range of customers across education, public and private sectors, maintaining strong relationships and consistent repeat business.
The transaction involved the carve-out of Converge UK from a Canadian parent group.
Ed Beazley, investment manager at Inspirit Capital, said: “Converge UK is a high-quality business with a strong market position, differentiated through its sustainable, end-to-end lifecycle offering and deep customer relationships. We are delighted to be supporting the company as it embarks on its next phase of growth as an independent business.
“This transaction reflects Inspirit’s expertise in successfully delivering carve-outs, and we look forward to working closely with the management team to build on Converge UK’s strong foundations and capitalise on the significant opportunities ahead.”
Tim Westbrook, managing director at Converge UK, added: “With Inspirit Capital’s support, we have a strong platform to accelerate our strategic ambitions, invest in our capabilities, and expand our market presence.
“This partnership allows us to continue delivering the consistent, high-quality service that has underpinned our long-standing customer relationships and we’re excited for the future.”
Oliver Jenkins, senior director, ABL at Shawbrook, said: “This was a complex transaction requiring a considered funding approach.
“By combining ABL with additional cashflow support, we were able to deliver a structure aligned to both immediate needs and longer-term ambitions.”
Inspirit was advised on the transaction by EY Parthenon (debt advisory), Stephenson Harwood (legal), PMSI (commercial) and Evology (operational). The seller was advised by BDO Tech M&A (M&A), Eversheds Sutherland (legal), RSM UK Corporate Finance (finance and tax DD) and EY Parthenon (CDD).