Armstrong provided due diligence to support Palatine’s investment in global digital transformation consultancy Bluprintx and, as part of Palatine’s investment, Bluprintx’s acquisition of commerce specialist ITG Commerce (ITG).  

Headquartered in Liverpool and with presence across the US, Netherlands and Australia, Bluprintx enables productivity and revenue growth through technology, data and AI solutions in marketing, sales and service. The business supports enterprise and high-growth companies across a wide range of leading front-end technology vendors including the Adobe and Salesforce ecosystems. 

The investment coincides with the completion of Bluprintx’s acquisition of US business ITG which has operations in both the US and Hungary and is a specialist in Adobe Commerce. Palatine’s investment will support Bluprintx’s ambitions for global expansion through further merger and acquisition opportunities. 

Armstrong’s full scope commercial due diligence work included in-depth interviews with Bluprintx’s key clients and partners, detailed analysis of its addressable market, competitive environment, staff & talent pool, historical performance, M&A pipeline and a commercial review of its business plan. Armstrong also provided bolt-on due diligence on ITG through customer referencing. 

Ifan Dafydd, Engagement Manager at Armstrong, said: “It was great to work with the Bluprintx management team, Palatine and ITG on this transaction. Bluprintx is a highly regarded front-end digital transformation provider with plenty of expansion opportunities across the marketing, sales and service technology ecosystems, as highlighted by the ITG acquisition. Palatine’s backing will help support Bluprintx’s expansion strategy and we look forward to following the business as it continues to go from strength to strength with this partnership.” 

James Painter, Senior Investment Director at Palatine, said: “Andy, Tom and I enjoyed working with the Armstrong team on this transaction. The team’s industry knowledge and comprehensive commercial due diligence work helped validate our investment thesis and provided many insightful strategic and operational recommendations for the business going forward.” 

Lee Hackett, CEO at Bluprintx, said “Armstrong’s work generated plenty of valuable insight for us that will help to inform and develop our growth strategy as we embark on the next stage of our journey with Palatine’s partnership. Their detailed customer referencing on ITG also validated the complementary service offering rationale behind the acquisition.” 

If you are interested in talking to Armstrong about opportunities in Tech please contact: 

Ifan Dafydd

idafydd@armstrong-ts.com
+44 7792 158 738

Email Ifan

Armstrong provided commercial due diligence support to Littlefish on its acquisition of digital solutions provider, Storm Technology.  

Founded in 1995, Storm Technology has established itself as one of the main Microsoft business technology consultancies in Ireland.  The 160-strong team provides services to both public and private sectors through its extensive Microsoft solutions portfolio and carefully curated partner network. 

Backed by Bowmark Capital (alongside a re-investment from previous backers, LDC), Littlefish is an award-winning managed IT and cyber security services provider that has grown its team to nearly 700 people. 

The acquisition will provide Littlefish with enhanced capabilities around enterprise applications and an end-to-end Microsoft M365/D365 proposition, allowing it to address the growing demand for business-focused Microsoft solutions. Alongside its continued organic expansion in the UK, the deal will also allow the business to expand its customer base in Ireland. 

If you are interested in talking to Armstrong about opportunities in Tech please contact: 

Ifan Dafydd

[email protected]
+44 7792 158 738

Email Ifan

Armstrong provided sell-side due diligence to Technology Services Group (TSG) on its MBO to Pictet Alternative Advisors (Pictet). 

Founded in 2003, TSG is a national, fully integrated cloud-first Microsoft digital transformation and managed services provider. With offices in Newcastle, Glasgow and London, TSG employs approximately 250 highly accredited people, targeting mid-market and ambitious small and medium enterprises across the public and private sectors. 

Pictet, the alternative investment business of Pictet Group, manages investments in private equity, private credit, hedge funds, and real estate assets for both private and institutional clients. 

The acquisition will allow founder shareholders to exit and the management team to accelerate its growth plan (organically and inorganically) as it enters a new phase of expansion. 

Armstrong’s full scope CDD work included in-depth interviews with TSG’s key clients and partners, detailed analysis of its addressable market, competitive environment, staff & talent pool, historical performance and a detailed review of its business plan. 

Mike Callow, Partner and Head of Technology at Armstrong, said: “TSG is a great business with an impressive management team that are building a top-class channel partner in the Microsoft ecosystem. We really enjoyed working with Rory, the rest of the TSG team and Lincoln on this engagement and look forward to seeing the business continue to succeed on the next stage of its journey.” 

Rory McKeand, CEO at TSG, said: “We enjoyed working with the Armstrong team, the depth of their analysis, quality of their interviews and their knowledge of technology services and Microsoft channel gave us a comprehensive report, helped us through the deal process and provided insightful recommendations to refine our strategy and how we are executing it.” 

If you are interested in talking to Armstrong about opportunities in the technology sector, please contact:  

Mike Callow

mcallow@armstrong-ts.com
+44 7894 594 500

Email Mike

Ifan Dafydd

idafydd@armstrong-ts.com
+44 7792 158 738

Email Ifan

We provided transaction support to Inflexion and Cobepa as part of their investment.

Easyfairs, one of the world’s top ten events companies, currently employs 820 people across 20 offices in major European cities. It organises 110 event titles in 12 industry verticals, including packaging & logistics, manufacturing, industrial processing, hospitality and construction. The company welcomes more than one million visitors and 23,000 exhibitors to its events each year. In addition, Easyfairs manages multi-function venues in Belgium, the Netherlands and Sweden, which host both Easyfairs and guest events. 

The transaction will enable Easyfairs to drive faster organic growth through new event launches and geo-cloning of existing events, extend its geographic and sector footprint, enhance its position as a sector frontrunner in big data and artificial intelligence technologies, and unlock further strategic M&A opportunities. 

The transaction is expected to close by Q3 2024, subject to receipt of regulatory approvals. 

The Armstrong team supported Inflexion and Cobepa in furthering their understanding of Easyfairs’ portfolio, and used our extensive knowledge of the events sector to advise on the key areas to consider when making an investment decision. 

This is Armstrong’s first project in the events sector post-Covid. We hope it signals renewed interest in a sector with diverse opportunities.

If you are interested in talking to us about opportunities in the events sector, please contact: 

Mike McNally

mmcnally@armstrong-ts.com
+44 7894 736 523

Email Mike

Armstrong is delighted to have provided commercial due diligence (CDD) in support of Zanders’ acquisition of RiskQuest.

Zanders is a global independent treasury and risk consulting firm with 30 years of experience in providing innovative solutions to multinational corporations, financial institutions, public sector entities, and NGOs (Non-Governmental Organisations). The company has grown strongly to become a leading global consulting firm with 450 employees across Europe, the Middle East, the US, and Asia.

Based in Amsterdam and founded in 2008, RiskQuest specialises in building state-of-the art models for managing financial risk, developing sustainable strategies, and preventing financial economic crime. The business has an impressive customer base and services all major Dutch financial institutions, including the Dutch Central Bank. 

This strategic acquisition is set to further strengthen Zanders’ presence in the European market and reflect a shared commitment to deliver excellence, paving the way for strengthened services and increased market influence.

Armstrong interviewed a range of RiskQuest’s clients to help develop key recommendations to maximise the business’s potential, and enhance the proposition of the combined group.

Sjoerd van Zoelen, Chief of Staff at Zanders said: “The Commercial DD work that Armstong has provided was very helpful. With their report it was easy to understand the relationship that RiskQuest has with their clients. Furthermore, the report clearly shows any business opportunities in different areas of expertise.”

Jack Hibbs, Engagement Manager at Armstrong said: “We really enjoyed working with the Zanders and RiskQuest teams and are thrilled to have helped with the transaction. We are looking forward to seeing the success of the group going forwards.”

If you are interested in talking to Armstrong about opportunities in Financial Services, please contact:

Jack Hibbs

[email protected]
+44 7883 296 346

Email Mike

Solomon Ishack

[email protected]
+44 7943 036 633

Email Solomon

Simon Hemsley

shemsley@armstrong-ts.com
+44 7957 340 534

Email Simon

Armstrong is pleased to have provided due diligence to Murphy Geospatial, a multidisciplinary geospatial solutions provider on its sale to U.S.-based Woolpert Inc.

Headquartered in Kilcullen, Ireland, Murphy Geospatial is a private, family-owned company that delivers a broad range of services that include survey, mobile and indoor mapping, asset monitoring, subsurface engineering, and 3D digital twin development. Murphy Geospatial has six offices across the UK and Ireland and employs nearly 400 experts who have delivered more than 27,000 projects.

Woolpert is a private, architecture, engineering, and geospatial firm that was founded in 1911 and has been providing comprehensive and integrated geospatial services for more than 50 years.

The acquisition of Murphy Geospatial will drive the expansion and elevation of Woolpert’s geospatial footprint in Europe and enable the companies to align best practices, leverage operational efficiencies, and improve its offering to customers.

Armstrong provided focused vendor CDD which included in-depth interviews with market experts, a detailed assessment of Murphy’s geospatial market, assessment of market dynamics, and in-depth interviews with customers.

If you are interested in talking to Armstrong about opportunities in the Built Environment and Technology sectors, please contact:

Brandon Matthews

[email protected]
+44 7771 401 723

Email Mike

Armstrong is pleased to have provided sell-side Commercial Due Diligence support to fire protection specialist Checkmate Fire (Checkmate) on its sale to IK Partners.

Founded in 1989 with headquarters in Elland, Checkmate is the UK’s largest passive fire protection specialist providing a comprehensive range of fire protection services to businesses across the healthcare, education, government, social housing, and commercial sectors.

Checkmate operates across the UK and has over 200 employees. The Company is responsible for maintaining passive fire systems in around 2,000 buildings to ensure compliance with increasingly stringent regulations, carrying out over 30,000 fire door remediations or replacements per year. 

The acquisition will allow Checkmate to further develop its passive fire offering and continue to invest in its people and technology whilst executing a targeted M&A strategy.

Armstrong provided full scope vendor CDD which included in-depth interviews with market experts, a detailed assessment of Checkmate’s passive fire safety market, how its competitive environment is evolving, and in-depth interviews with customers. We validated Checkmate’s growth plan, which presents exciting opportunities across its core end-sectors.

Please get in touch to discuss opportunities in the Industrial and Built Environment sectors.

Matt McNally

[email protected]
+44 7894 736 523

Email Mike

Brandon Matthews

[email protected]m
+44 7771 401 723

Email Brandon

Armstrong is delighted to have provided sell-side commercial due diligence (CDD) to support 15below, the travel industry’s leading provider of automated passenger communications software, on its investment from private equity firm LDC.

Brighton-based 15below was established in 2000 and has become a market leader in hyper-personalised, automated passenger communications. Its platform supports more than 60 of the world’s best known airlines, rail operators, and travel management companies, offering real-time operational updates including booking confirmations, boarding passes, and disruption alerts to passengers.

Armstrong’s work included in-depth interviews with 15below’s clients and partners, detailed analysis of the market and competitive environment, and an assessment of potential adjacent opportunities. Armstrong’s commercial strategy work also evaluated the key growth drivers in the business plan to validate the investment hypotheses.

With plans of accelerated growth, the partnership forms part of a strategic move to enhance 15below’s proprietary software and expand its client services, with ambitions to deliver an even greater number of innovative solutions that meet the evolving needs of global travel companies and their customers.

Nicholas Key, CEO at 15below said: “The Armstrong team was great to work with. They quickly understood our business and the complex industry dynamics, and were responsive and helpful throughout the process. The report produced for us has been invaluable for the business up to this point, and the insights gained will continue to have an impact on our decisions going forwards.”

Jack Hibbs, Engagement Manager at Armstrong said: “15below is a high-quality business with an impressive management team and excellent opportunity for growth; taking on investment will help the business continue its trajectory. We really enjoyed working with the 15below and Clearwater teams, and very much look forward to seeing the success of the business going forward.”

If you are interested in talking to Armstrong about opportunities in the Tech or Travel sectors, please contact:

Mike Callow

mcallow@armstrong-ts.com
+44 7894 594 500

Email Mike

Jack Hibbs

jhibbs@armstrong-ts.com
+44 7883 296 346

Email Jack

Federico Romanelli

fromanelli@armstrong-ts.com
+44 7908 906 907

Email Federico

Armstrong is pleased to have provided Voice of the Customer Due Diligence to FPE backed business and digital solutions leader Codestone Group (Codestone), in support of its acquisition of Cloud Business Limited (Cloud Business), an award-winning digital transformation and IT-managed services consultancy.

Basingstoke based Cloud Business, operates an end-to-end cloud consultancy team who have delivered hundreds of successful Microsoft transformational projects from Azure, Modern Workplace, and Cybersecurity across 15 sectors in the UK and worldwide. Their services encompass assessment, strategy design, integration, deployment, and post-go-live managed support services.

The acquisition aims to further enhance Codestone’s offering of IT consulting and transformational services to new and existing clients through a dedicated team comprising hundreds of skilled experts.

If you are interested in talking to Armstrong about opportunities in the Tech sector, please contact: 

Ifan Dafydd

[email protected]
+44 7792 158 738

Email Mike