Armstrong has provided CDD support for Growth Capital Partners (‘GCP’), as it partners with the management team of Bridewell Consulting (‘Bridewell’), a cyber security services company providing global, 24×7 managed detection and response (MDR) services as part of its Security Operations Centre (SOC) and specialist cyber security consultancy.

Established in 2013, Bridewell is one of the UK’s fastest growing cyber security companies, with 75 per cent year-on-year revenue growth since FY18. Headquartered in Reading, Berkshire, the company listed at number eight on the Thames Valley 100 Growth Index in 2020 and has supported over 100 clients in the last 12 months alone in industries including critical national infrastructure, financial services, and central government. This successful track record is supported by a team of over 80 employees, with plans to double this figure by 2022. The company’s enterprise SOC and MDR services are positioned to scale at pace, leveraging a combination of cutting-edge technology, automation, integration, and deep cyber security expertise to deliver a highly responsive and compelling service.

Armstrong provided buy-side CDD, including interviews with key clients and market participants, to deliver a detailed analysis of opportunities for growth within the markets that Bridewell operates in.

Liam Bennett at GCP said “We are very pleased to have completed our investment in Bridewell with the support of Peter, Mike and the Armstrong team. They undertook an extensive client and market referencing programme and leveraged their experience in the sector to provide clear and commercial conclusions which was key to supporting our investment hypothesis. We thank the team for their hard work and look forward to working with them again in the future.”

To find out Armstrong’s views on opportunities in the cyber security and broader technology markets, please contact;

Peter Cookson, Partner

+447871425467
pcookson@armstrong-ts.com

Mike Callow, Partner

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

Armstrong has provided CDD in support of Phenna Group’s investment in Thomas Bell-Wright International Consultants (TBW), an independent provider of testing, inspection, certification & compliance (TICC) services to the Middle Eastern and European built environment sectors.

TBW was founded in 1995 and is an internationally accredited provider of curtain wall testing, façade consulting, and specialist fire testing services. Headquartered in Dubai, the business features high quality laboratory facilities and is supported by 100+ staff.

Armstrong provided commercial due diligence to support Phenna Group’s investment. This consisted of detailed interviews with market experts and key customers, review of market drivers & size, and a thorough assessment of TBW’s competitive environment.

Paul Barry, CEO of Phenna Group commented: “I am delighted to complete our first acquisition in the Middle East, which complements our existing service portfolio and provides a one stop shop offering in the Built Environment sector. The support received from the Armstrong team was excellent and assisted greatly in our overall evaluation of the opportunity.”

Armstrong commented: “TBW is a high quality company helping clients in the construction sector balance increasingly stringent and complex regulatory requirements, which creates a resilient underlying demand for its services. Its depth of expertise, quality of service, level of certification, and international reach makes it well placed for growth as part of the larger group.”

For more information please contact:

Matt McNally

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

Armstrong has provided CDD support to Sovereign Capital Partners portfolio company ACOLIN (www.acolin.com), a leading provider of regulatory and cross-border fund distribution services, which has acquired GFA, a SaaS-based data collection and analytics provider for asset managers and distributors.

Founded in 2014 and based in Luxembourg, GFA (www.gfa.lu) offers a modular, technology-enabled proposition to help asset managers and distributors manage their increasing regulatory compliance obligations, get insights into their distribution networks, and further improve business performance. GFA’s fully customisable oversight and analytical tools will be integrated into ACOLIN’s existing service offering to its asset management clients, deepening their relationships with distribution partners.

Armstrong conducted in-depth interviews with GFA’s clients to validate Sovereign’s key investment hypotheses, to understand the value that GFA adds for its clients, and to confirm synergies with the wider ACOLIN group. Alex Hay, Partner at Sovereign, said “Armstrong’s thorough customer referencing and analysis of the strategic fit between GFA and ACOLIN were critical in building confidence in our investment case and value creation plan.”

Armstrong said: “GFA offers a unique blend of technology and services to solve complex problems for fund managers, and fits in well with Sovereign’s buy and build plan for ACOLIN. We were delighted to support this strategic acquisition.”

For more information on this and other deals in the financial services sector, please contact:

Peter Cookson

+44 7871 425 467
pcookson@armstrong-ts.com

Armstrong has provided CDD Support for Key Capital Partners (KCP) which has made a significant investment in Mansfield-based fire and security business Total Integrated Solutions (TIS).

TIS is a design led fire, security and communications integrator which installs, maintains and services systems, with leading credentials across a broad range of sectors including retirement villages, open space CCTV and Smart City installations, the Ministry of Defence and further education.

Armstrong carried out full commercial due diligence to support KCP’s investment, including sizing of TIS’s key end markets, more than 20 interviews with key customers, and a business plan assessment.

Matt Tice, Investment Director at KCP, said ““Matt and the team at Armstrong enabled us to quickly verify the scale of the opportunity. Their commercial insight was invaluable in our appraisal of the core growth markets which the company services.”

Matt McNally, Director at Armstrong, said: “TIS is a business which has built a reputation for quality, innovation and technical expertise which distinguishes it from the many me-too operators in this space. The end markets it addresses have strong demand drivers and the business is well placed to grow over the coming years.”

For more information on opportunities in the fire & security sector please contact:

Matt McNally

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

Armstrong has provided CDD support for Preservation Capital Partners (‘Preservation’), as it partners with the management team of Parmenion, an award-winning provider of investment services and technology solutions for financial advice firms in the UK. Preservation specialises in investing in businesses that operate in the asset light financial services sector.

Parmenion offers a differentiated and integrated wealth management solution including platform technology, custody and dealing services, and discretionary fund management, led by an impressive management team. Parmenion services over £8bn of assets held on behalf of more than 68,000 clients and over 2,500 financial advisers. Preservation’s investment will support the management team as it continues to develop the Parmenion platform for its clients and their advisers.

Armstrong provided full buy-side CDD, building on our team’s strategy and industry experience in the UK wealth management sector. Armstrong tested Parmenion’s growth potential by carrying out an in-depth referencing programme with its adviser firm customers, supported by conversations with Armstrong’s network of industry experts. We blended this with our granular analysis of Parmenion’s internal data to evaluate its business plan, and assess its opportunity to win market share in a complex, fragmented, and highly competitive market.

Andrea Secci, Principal, Preservation Capital Partners commented: “We are excited to be supporting Parmenion and its management team, led by Martin Jennings, in its next stage of growth. Armstrong provided us with a thorough referencing of Parmenion’s adviser firms, a deep understanding of the differentiation of its value proposition to its competitors. Armstrong’s support was critical in building confidence in our investment case and value creation plan.”

Armstrong said; “Parmenion is a great investment opportunity for Preservation, as the business combines an impressive management team, market-leading technology that it developed in-house, and a true commitment to excellent client service. Feedback from its financial advisers was very positive, and Parmenion has built a great platform to support further growth. We enjoyed working with the Preservation & Parmenion teams, and we’re excited to see how successful they can be in the future.”

To find out Armstrong’s views on opportunities in the wealth management and broader financial services market, please contact;

Peter Cookson

+44 7871 425 467
pcookson@armstrong-ts.com

Armstrong has provided CDD support to Sovereign Capital Partners as the team backed Skerritts, a successful financial advice and wealth management business in a deal worth £55 million.

Skerritts was founded in 1990, and provides financial planning and investment management services to c.4k private clients, as well as corporates, and manages c.£1bn of client funds. Their discretionary service is delivered through the company’s in-house investment management solutions, and Skerritts will be delivering a white label platform solution through platform technology company Hubwise, further developing its vertical integration opportunities.

Armstrong conducted a series of in-depth customer interviews to validate Sovereign’s key investment hypotheses, and confirm Skerritts’ reputation for tailored, high-quality financial advice and high-touch client service. James Dargan, Investment Director at Sovereign, said “Armstrong provided a focused piece of CDD which delivered clear answers to our key questions about Skerritts’ client service, and insight and recommendations that we will use to help grow the business

Armstrong said: “Skerritts is a high-quality business, offering an excellent service to its clients based on its deep experience and broad expertise in financial advice. Skerritts is a great platform for growth in the UK wealth management market, as it is well positioned to evolve its service offering to clients while expanding through strategic acquisition.”

For more information on this and other deals in this sector please contact:

Peter Cookson

+44 7871 425 467
pcookson@armstrong-ts.com

Armstrong has provided CDD support to Guinness Asset Management as they invest in Neighbourly, the award-winning community investment and engagement platform for business, to accelerate growth and impact.

Launched in 2014, Neighbourly connects businesses with thousands of vetted local charities and good causes across the UK and Ireland through a technology platform that facilitates the donation of volunteer time, redistribution of surplus products and grant funding to make the maximum positive impact in local communities. Critically, the platform measures activities in real time and provides evidence of the social and environmental value delivered. Integral to addressing key elements of the rising ESG agenda, Neighbourly demonstrates how technology can be used to align corporate and societal goals, to the benefit of all stakeholders.

The investment in Neighbourly comes at a time when businesses are increasingly focused on sustainable social value as part of their overall strategy, which has been accelerated by the impact of Covid-19 and the climate crisis.

Armstrong provided focused commercial due diligence to support Guinness’s investment. This consisted of detailed interviews with Neighbourly’s key customers, confirming the unique and exceptional service the company provides, particularly during what has been a challenging last 12 months for UK businesses looking to engage with local communities.

Steve Butterworth from Neighbourly commented;

“Companies themselves are stakeholders in society, and cannot survive in one that fails, so business leaders are increasingly realising they have a purpose and responsibility beyond only delivering value to their shareholders. Our national network of local good causes provides the ready-made infrastructure to solve large scale issues and help companies thrive in the long-term through sustainable value creation.”

Matt McNally, Director, Armstrong said:

“Neighbourly is a great example of a purposeful and sustainable business that is well positioned for significant growth through combining market leading technology with excellent service to its clients while doing good . The Neighbourly team have been an invaluable help to companies, brands and charities during the pandemic, and the business is well placed to accelerate its growth given the increasing importance being placed by corporates on supporting their local communities.”

For more information on this and other deals in this sector please contact:

Matt McNally

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

Armstrong has provided CDD support to FPE Capital LLP (‘FPE’), the software & services focused lower mid-market growth investor, as it partners with the management team of Codestone, a leading Business Applications and Cloud services platform, focused on SAP and Microsoft technologies.

Codestone is a market leading Business Applications software and Cloud services platform. The business was founded by Jeremy Bucknell, CEO, and Dan Hobson, CCO, both of whom continue as significant shareholders following FPE’s investment.

Armstrong leveraged previous work in the space and built a clear view on the evolution of SAP’s SME offering and how partners can leverage the platform to provide a differentiated and future-proofed proposition and increase share of wallet by integrating it closely with the Microsoft stack.

Henry Sallitt, Managing Partner at FPE, commented:

“FPE is delighted to have completed its investment into Codestone. FPE has been aware of the business for some time and moved quickly at the opportunity to partner with its award-winning team. Armstrong made a huge contribution to our understanding of this fast-evolving ecosystem and the development of our value creation plan.”

Mike Callow, Director Armstrong said:

“Codestone is a high quality business with a strong management team and a great platform for growth. It is well positioned to evolve and further differentiate its service offering, helping UK SMEs maximise the value they get from their SAP and Microsoft stacks”

For more information on this and other deals in this sector please contact:

Mike Callow, Partner

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

Armstrong has provided CDD support to an exciting milestone for ECI portfolio company, Content+Cloud, which has acquired Sipcom, a digital transformation specialist that focuses on unifying best-in-class collaboration and unified communication tools within the Microsoft ecosystem.

UK-headquartered, but with global reach, Sipcom provides Content+Cloud with its first presence in the US, and the ability to deliver Microsoft Teams and other unified communications and collaboration services on a global basis.

Armstrong quickly understood and verified the high degree of technical skill required to deliver Microsoft Teams telephony systems at scale, Sipcom’s unique proposition in this area, and the synergies which can be delivered in combination with Content+Cloud.

Peter Sweetbaum, CEO of Content+Cloud said:

“Armstrong’s thorough customer referencing, understanding of the technical underpinnings and differentiation of Sipcom’s proposition and analysis of the synergies between our organisations were critical in building confidence in our investment case and value creation plan.

Mike Callow, Director Armstrong said:

“Sipcom has a unique level of skill in delivering complex enterprise Teams telephony migrations and has clear synergies with Content+Cloud, we were delighted to support this strategic acquisition.”

For more information on this and other deals in this sector please contact

Mike Callow

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