Tech: YFM Equity Partners investment in Resulting IT
Armstrong is delighted to have provided Commercial Due Diligence (CDD) to YFM Equity Partners (YFM) on its partial investment of Warrington-based, ERP consultancy, Resulting IT.
Founded in 2004, Resulting IT has established itself as a leading independent provider of ERP advisory services and project management support. A market expert in the leading platform SAP, Resulting IT is not aligned to one ERP and works with other packages such as Oracle, Workday, IFS, and MS Dynamics.
Resulting IT’s clients include Transport for London, Asda, Leeds University, and NHS 24 where it has developed a range of proprietary software tools and products to enhance service delivery.
YFM’s investment will enable Resulting IT to accelerate growth across the UK and diversify its services into a wider range of sectors without compromising the quality of delivery.
Armstrong provided full scope CDD including in-depth interviews with Resulting’s customers, as well as ERP implementation partners and market experts. Our commercial strategy work analysed Resulting’s proposition, its addressable market and potential expansion opportunities post-transaction. Our value creation workshops will build on the insights from the CDD and other DD workstreams to help form a coherent strategy for the next stage of growth.
Stuart Browne, CEO at Resulting IT, said: “Armstrong’s work will add a huge amount of value to the next stage of our growth. It has given me, and will give the team, a huge amount of pride that our hard work is valued by our clients. I’m really looking forward to evolving this into a firmer strategy.”
Laura Sisson, Investment Manager at YFM, said: “Mike, myself and the wider YFM team really enjoyed working with Armstrong on this transaction and would like to thank them for providing a comprehensive and insightful CDD report.”
Ifan Dafydd, Senior Consultant at Armstrong, said: “It was great to work with the Resulting IT management team and YFM on this transaction. The feedback from Resulting’s customers, summarised by a phenomenal NPS of 93.3, highlights the great work that Stuart and the team do for their clients in what can often be very complex projects and programmes. With support from YFM, we believe the business will continue to go from strength to strength.”
Please contact a member of the team to discuss opportunities in the Technology sector.
Ifan Dafydd, Senior Consultant
[email protected]
+44 7792 158 738
Mike Callow, Partner
[email protected]
+44 7894 594 500
Business Services: Apiary Capital’s investment in First Intuition Limited
Armstrong is delighted to have provided sell-side commercial due diligence (CDD) to support award-winning education provider First Intuition Ltd in gaining investment from private equity firm Apiary Capital.
Founded in 2007, First Intuition delivers accountancy training to around 5,000 learners via centres in London, Birmingham, and Manchester, through online and hybrid courses. The company’s apprenticeship and commercial training both lead to qualifications and membership of four main accounting bodies with its apprenticeship provision rated ‘Outstanding’ by Ofsted.
Apiary’s investment will support First Intuition’s management team to grow the company’s apprenticeship and commercial training streams, continue its ambitions of expansion and pursue strategic acquisition opportunities.
Armstrong’s work included in-depth interviews with First Intuition’s clients, blended with an assessment of market demand and First Intuition’s competitive environment. Armstrong’s commercial strategy work evaluated the key growth drivers in the business plan to validate key investment hypotheses.
Rupert Cookson, Senior Consultant, Armstrong, said: “First Intuition is a high-quality business with an excellent track record, as shown by its ‘Outstanding’ Ofsted rating. Taking on investment will help the business to continue its growth trajectory, opening new sites across the country and growing share in a resilient market.”
If you are interested in talking to Armstrong about opportunities in the business services sector, please contact:
Rupert Cookson, Senior Consultant
[email protected]
+44 7983 110 150
Simon Hemsley, Partner
[email protected]
+44 7957 340 534
Tech: NVM’s investment in Leading Resolutions
Armstrong is delighted to have provided Customer Due Diligence (CDD) for NVM Private Equity (NVM) to support its investment in IT and digital transformation consultancy Leading Resolutions as part of a management buyout.
Based in Swindon, Leading Resolutions is an independent business and IT consultancy that focuses on delivering successful outcomes for clients, through Strategic Advisory, Technical Consulting, and Programme and Project Delivery services. Leading Resolutions is a trusted advisor to the boards of large and mid-sized corporates with an impressive list of blue-chip clients including Currys, The AA, Experian and EasyJet. Leading Resolutions has been named in the Financial Times UK’s Leading Management Consultants report across five categories for the past 3 years.
The investment will accelerate Leading Resolutions ambitions to develop services whilst bringing in additional skills and experience to the team. NVM has appointed David Rolfe and Charlie Pidgeon to join the existing Board alongside Geoff Neville as Non-Executive Chair.
Armstrong’s Commercial Due Diligence (CDD) looked at market trends and competition, assessed management’s strategy for growth, and provided a detailed overview of customer feedback.
Charlie Mundy, Senior Consultant, Armstrong, said: “Leading Resolutions is a high-quality business which has successfully developed a valuable digital transformation skillset. Leading Resolutions and NVM have the ability to grow organically and through acquisitions, and we look forward to seeing the further, successful growth of the firm.”
Charlie Pidgeon, NVM, said “We are pleased to have completed our investment in Leading Resolutions with the support of Mike, Charlie, and the Armstrong team. They quickly got up to speed with the core proposition and growth dynamics, which together with their extensive sector expertise gave us clear and useful insight to support our investment hypotheses.”
Read our recent article Tech Panel: scaling up a people centric business or contact a member of the team to find out more about opportunities in the Technology Services sector.
Charlie Mundy, Senior Consultant
[email protected]
+44 7853 430 630
Tech: CBPE’s investment in FSP
Armstrong is pleased to have provided Commercial Due Diligence (CDD) to CBPE on its investment in FSP, the fast-growing provider of digital transformation services.
Based in Reading, FSP provides consultancy services to large companies and public sector organisations spanning digital transformation, cloud engineering, data and artificial intelligence, and cyber security.
CBPE’s investment, alongside existing investor LDC, has enabled FSP’s simultaneous acquisition of leading cyber security consultancy Savanti, strengthening its capabilities in cyber services. In addition, the investment will allow FSP to continue to invest in its suite of services and pursue further strategic acquisitions to accelerate its scale and customer base.
Armstrong supported LDC on their initial investment into FSP in 2020 and are thrilled to see the business go from strength to strength.
To find out Armstrong’s views on opportunities in the technology sector, please contact;
Mike Callow, Partner
[email protected]
+44 7894 594 500
Financial Services: supporting the creation of the Independent Governance Group, backed by LDC
Armstrong is pleased to have provided commercial due diligence (CDD) support to LDC as Ross Trustees merges with Independent Trustee Services (ITS) to form Independent Governance Group (IGG). IGG is a leading provider of professional pensions trustee and governance services with 430+ appointments and £340bn+ of assets under governance.
IGG combines a deep pool of talent and resources with a strengthened service offering for clients in the fast-growing professional trustees market. The rationale for the merger is for IGG to become the provider of choice for trustees, scheme sponsors, and advisers and continue to be an attractive destination for other trustee and governance services providers looking to join a larger firm.
Armstrong’s work included in-depth interviews with ITS clients, referrers, and market experts. This was blended with our assessment of market demand and detailed analysis of the competitive environment. Our commercial strategy work evaluated the growth drivers in the group’s business plan to validate key investment hypotheses.
Simon Hemsley, Partner at Armstrong said: “Ross and ITS are both high quality businesses with strong track records that complement each other well. Their merger to form IGG has created a leading player that is well-positioned to grow in the rapidly developing professional pensions trusteeship and governance services market.”
If you are interested in talking to Armstrong about opportunities in the financial services sector, please contact:
Simon Hemsley, Partner and Head of Financial Services
[email protected]
+44 7957 340 534
Rupert Cookson, Senior Consultant
[email protected]
+44 7983 110 150
Human Capital: Mobeus’ investment in LACE Partners
Armstrong is pleased to have provided commercial due diligence (CDD) in support of Mobeus Equity Partners’ investment in LACE Partners (LACE), a fast-growing HR transformation consultancy.
LACE focuses on optimising and transforming the HR functions of large corporates. Founded in 2014, it has established itself as a specialist leader in the HR consulting market, with an impressive client list, including multinational FTSE 100 companies. LACE leverages the experience and thought leadership of its highly skilled staff base to support HR directors and Chief People Officers (CPOs) to deliver on their strategic aims. LACE’s services include complex HR and payroll transformation projects, including people strategy and organisational design, employee experience, and systems implementation, as well as the delivery of data and analytics insight.
Mobeus’s investment and support will help LACE to grow the capability and scale of its practice areas, given the increasing demand for its services.
Armstrong provided full scope CDD including in-depth interviews with LACE’s customers, alongside competitors and CPOs. Our commercial strategy work validated the firm’s growth strategy together with a detailed analysis of market drivers and the macro environment. Armstrong also assessed LACE’s ability to scale through adding talent in a competitive jobs market.
Freddie Bacon, Investment Director at Mobeus said: “The Armstrong team were critical in deepening our understanding of LACE’s core business and validating the scale of the opportunity in its core market. They delivered an in-depth report leveraging their experience in the sector and provided clear commercial insights to support our investment hypothesis. We thank the team for all the hard work they put into the report and look forward to working with them again in the future.”
Solomon Ishack, Senior Consultant at Armstrong said: “We really enjoyed working with LACE and Mobeus, and are delighted to have helped on this transaction. LACE is a high-quality business with an impressive management team, with great expertise in HR transformation. There is an exciting opportunity for LACE to grow, and we look forward to seeing the success of the firm going forward.”
If you are interested in talking to Armstrong about opportunities in the human capital management and professional services sectors, please contact:
Solomon Ishack, Senior Consultant
[email protected]
+44 7943 036633
Matt McNally, Head of Human Capital Management
[email protected]
+44 7894 736523
Simon Hemsley, Head of Business Services
[email protected]
+44 7957 340534
Business Services: Mobeus’ investment in The Translation People
Armstrong is pleased to have provided Commercial Due Diligence (CDD) in support of Mobeus Equity Partners’ investment in The Translation People, a leading Language Service Provider (LSP).
With over 40 years of experience, The Translation People delivers B2B translation services to global brands and SMEs using a combination of proprietary and third-party technology alongside a network of international linguists. Headquartered in Manchester, the business also operates from various locations across the UK, Germany and France.
The language services market is continuing to grow due to the increasing globalisation of businesses and The Translation People is well placed to deliver often mission critical services to its growing customer base. The investment from Mobeus will enable the business to fulfil its ambitious buy-and-build strategy within the highly fragmented market.
Armstrong provided full Commercial Due Diligence (CDD) including in-depth interviews with The Translation People’s customers, alongside market experts including language services advisors and competitors. Our commercial strategy work looked at market trends and assessed possible strategies for growth, as well as providing a detailed analysis of the competitive and technological landscapes.
Jordan Kay, Investment Manager at Mobeus said, “It was a pleasure working with Peter, Jack and the whole Armstrong team, they were flexible and responsive providing us with a thorough and high-quality CDD report. We selected Armstrong for their expertise in the language services space and extensive understanding of the value drivers in this sector.”
Jack Hibbs, Engagement Manager at Armstrong, added, “We really enjoyed working with The Translation People and Mobeus, and are delighted to have assisted with the transaction. Feedback on the business was excellent and our research helped validate both the organic and buy-and-build opportunities. We think the business will go from strength to strength.”
For more information or to find out Armstrong’s views on opportunities in the language services sector please contact:
Jack Hibbs, Engagement Manager
[email protected]
+44 7883 296346
Tech: Banyan Software Group’s acquisition of Element34
Armstrong is pleased to have provided sell-side support for Element34 prior to its acquisition from Banyan Software Group, a global software investor.
Swiss-based Element34 was founded in 2015 by industry-leading engineers Michael Palotas and Francois Reynaud. The software specialist is the leading provider for on-premises Selenium Grid infrastructure. The company’s flagship product Selenium Box (SBOX) has been developed for enterprises with high security, scalability and performance needs.
The acquisition allows Element34 to enter a new growth phase with plans to expand SBOX across Europe and the US and strengthen its position as the leading enterprise provider.
Armstrong’s Commercial Due Diligence (CDD) looked at market trends and competition, the regulatory landscape and conducted an in-depth customer referencing exercise.
Our sell-side due diligence allowed Element34 to map out the key questions for investors and provided valuable insight for future strategic initiatives.
Charlie Mundy, Senior Consultant, Armstrong, said: “Element34 is the market leader in behind-the-firewall automated testing space. Element 34 has successfully broadened the lead service proposition in a complex, fragmented market. Banyan Software and Element34 have the ability to grow organically and through acquisitions, and we look forward to seeing the further, successful growth of the firm.”
Read our latest article on the uptick in PE appetite for software deals here or speak to Mike and the team about opportunities in the technology sector.
Mike Callow, Partner
[email protected]
+44 7894 594 500
Charlie Mundy, Senior Consultant
[email protected]
+44 7853 430 630
Industrials: Westbridge investment in Alpine Fire
Armstrong has provided Commercial Due Diligence (CDD) support to WestBridge for its secondary buy-out of Alpine Fire Engineers Ltd (Alpine), a specialist provider of mechanical fire suppression systems.
Founded in 1992 with headquarters in Greater Manchester, Alpine design, project manage and maintain complex fire suppression systems for its longstanding and blue-chip client base across the UK.
The transaction sees WestBridge take a majority stake in Alpine with plans to drive growth through diversification into new sectors and strategic bolt-ons within this niche market.
Armstrong provided CDD including in-depth interviews with Alpine’s customers and suppliers as well as market experts. Our commercial strategy work looked at market trends in the non-warehouse space and assessed possible strategies for growth, as well as providing a detailed analysis of the competitive landscape.
James MacLeay, Investment Director at WestBridge said, “We enjoyed working with Armstrong. Their domain expertise in the fire safety services market gave us excellent insight on this transaction.”
Matt McNally, Director at Armstrong said “Alpine is a very good business with opportunities for growth in several industrial and non-industrial markets. Customer feedback was excellent, validating Alpine’s position as a top tier provider of fire suppression systems.”
If you would like to discuss opportunities in this sector please contact:
Matt McNally, Director
[email protected]
+44 7894 736 523