Armstrong is pleased to have provided Commercial Due Diligence (CDD) for growth investor LDC to support its significant investment in Stonbury, a leading water and environmental sustainability specialist. 

Stonbury has over 40 years of experience working with UK water companies and environment agencies to deliver innovative, low-carbon solutions to maintain, repair, and protect their critical assets; helping to prolong infrastructure with environmental engineering solutions that avoid carbon-heavy asset interventions. 

With LDC’s backing, Stonbury plans to fulfil its long-term growth forecasts, which include expanding its range of water, wastewater, and nature-based, low-carbon environmental services as well as driving the development of new tools and technology that support sustainable business practices. 

Armstrong provided full Commercial Due Diligence (CDD) including in-depth interviews with Stonbury’s customers and suppliers, alongside market experts including regulation authorities, competitors and construction specialists. Our commercial strategy work looked at market trends and assessed possible strategies for growth, as well as providing a detailed analysis of the competitive landscape. 

Jack Hibbs, Engagement Manager at Armstrong, said, “We really enjoyed working with the Stonbury and LDC teams, and are delighted to have helped the transaction. Stonbury clearly has a differentiated market position in the rapidly growing environmental services market based on its specialist service offering, and we think the business will go from strength to strength.” 

Please get in touch to discuss opportunities in the environmental services sector.  

Jack Hibbs, Engagement Manager

jhibbs@armstrong-ts.com 
+44 7883 296346

Email Jack

Armstrong is pleased to have provided Commercial Due Diligence (CDD) for Premier Paper Group to support its acquisition of WBC, a speciality packaging and retail display company. 

WBC was originally founded in 1989 as Liquid iD with the help of a £5,000 loan from the Prince’s Trust. Three decades on, WBC now supplies more than 9,000 UK customers, employs a team of 55 staff, and has an annual turnover of £18m. 

The acquisition of WBC will complement Premier Paper’s traditional paper merchant business through expansion into added-value sectors and provide opportunities to develop product and service offerings through the sharing of knowledge and expertise. 

Matt McNally, Director, Armstrong, said: “‘Armstrong’s work focused on interviewing WBC’s key customers, validating the quality of the company’s relationships, differentiators, and prospects for further growth. Customer feedback on the business was excellent and our research helped validate the opportunities to create value. We wish both parties every success in this venture.”

Please contact Matt McNally to discuss opportunities in the industrials sector; 

Matt McNally, Director

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

Email Jack

Armstrong is pleased to have provided Commercial Due Diligence (CDD) for growth investor Synova to support its investment in Mallcomm, a leading PropTech platform, providing management software to real estate investors, asset managers and operators.

Mallcomm provides the central point of communication between tenants and site operators to manage access, security and sales data collection. Over the last three years, through product development and geographical expansion, the company has grown by over 70 percent with adoption of the platform more than doubling in 2021. Mallcomm is now deployed across 650 properties with operations in the US, UK, and Europe. The businesses clients’ include some of the world’s largest commercial real estate owners and operators.

Synova’s investment will provide further capital for strategic M&A to expand Mallcomm’s capabilities and further penetrate other geographic markets and property sectors.

Armstrong provided full Commercial Due Diligence (CDD) including in-depth interviews with Mallcomm’s clients and market experts from property operators, investors, and real-estate advisors. Our commercial strategy work looked at market trends and assessed possible strategies for growth, as well as providing a detailed analysis of the competitive landscape.

Zachary Tsai, Partner at Synova said, “The Armstrong team developed a high-quality CDD report which evaluated our investment hypotheses on Mallcomm and the wider market. We chose to work with Armstrong on this deal because of their ability to produce coherent and valuable conclusions for us and the management team. Armstrong’s excellent work validated Synova’s investment thesis and confirmed Mallcomm’s offering is unique in its space and highly respected by its clients.”

Mike Callow, Partner at Armstrong, added, “We really enjoyed working with Mallcomm, and are delighted to have helped their transaction. We look forward to seeing Mallcomm grow in partnership with Synova. Mallcomm has a clearly differentiated market position in an underserved market.”

For more information or to find out Armstrong’s views on opportunities in the technology sector, please contact: 

Mike Callow, Partner

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

Email Jack

Armstrong is pleased to have provided Commercial Due Diligence (CDD) support for Graphite Capital’s acquisition of Digital Space, an integrated connectivity, security and hybrid cloud managed service provider. 

Originally founded as Timico in 2004, Digital Space employ 340 team members, delivering its comprehensive services from its own datacentres, national core network and Network Operations Centre, with sites in Newark-on-Trent, Telford and London.  The company has 5,700 customers which span the retail, financial and professional services, manufacturing and construction, hospitality and leisure sectors. 

Graphite Capital’s investment will enable Digital Space to continue to grow the business both organically and via targeted acquisitions as well as supporting the business’s mission to help their customers reduce costs and improve productivity through digital transformation. 

Armstrong’s Commercial Due Diligence (CDD) looked at market trends and competition, assessed management’s strategy for growth and provided a detailed analysis of the impact of the current macroeconomic environment.  

Armstrong’s work on this deal is an example of targeted diligence to proactively answer the uncertainty in the tech market surrounding semiconductor shortages, tight labour markets and uncertainty in target verticals. 

Charlie Mundy, Senior Consultant, Armstrong, said: “Digital Space is a high-quality business which has successfully pivoted to a differentiated lead service proposition in a complex, fragmented market. Digital Space and Graphite have the ability to grow organically and through acquisitions, and we look forward to seeing the further, successful growth of the firm.” 

Humphrey Baker, Graphite Capital, said “We are pleased to have completed our investment in Digital Space with the support of Mike, Charlie, and the Armstrong team. They quickly got up to speed with the current and future propositions, which together with their extensive sector expertise gave us clear and useful insight to support our investment hypotheses.” 

The acquisition remains subject to regulatory approval. 

For more information or to find out Armstrong’s views on the technology sector, please contact: 

Mike Callow, Partner

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

Email Jack

Charlie Mundy, Senior Consultant

cmundy@armstrong-ts.com
+44 7853 430 630

Email Charlie

Armstrong is pleased to have provided Commercial Due Diligence (CDD) to Kocho, a leading UK-based provider of cyber security, identity, cloud transformation and managed services in its acquisition of Mobliciti, the award-winning managed service provider. 

Founded in 2009, with headquarters based in Surrey, Mobliciti delivers end-to-end mobile IT solutions through empowering innovation, increasing user productivity and protecting corporate data from increasingly frequent cyber-attacks.  The award-winning company provides secure enterprise mobility services to some of the country’s most highly regulated businesses.  With a strong expertise in the legal sector, Mobliciti counts four of the five magic circle and 20 out of the top 50 UK law firms as its clients as well as other well-known financial and professional service organisations. 

The addition of strategic mobile management and security capabilities complements Kocho’s ambitious and growing service portfolio, allowing customers from both organisations to benefit from an end-to-end range of best-in-class services that will further accelerate their digital transformation programmes. 

Armstrong carried out an in-depth voice of the customer programme which generated exceptionally strong feedback and validated the cross-sell synergies hypothesis. 

Des Lekerman, Kocho CEO said “We are excited about Mobliciti joining the Kocho family, Armstrong’s work gave us great confidence that we are acquiring a top performing business with a strong complementary service offering, and clear scope to cross sell and add value to our respective customer bases.”  

For more information or to find out Armstrong’s views on the technology sector, please contact:  

Mike Callow, Partner

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

Email Jack

Armstrong is pleased to have supported Flowbird Group’s (Flowbird) acquisition of YourParkingSpace Ltd (YPS).

Established nine years ago, YPS is an online parking reservation service; connecting drivers with commercially operated and privately owned spaces across the UK. It is the UK’s leading online parking reservation platform designed to find and pre-book parking spaces and is trusted by 5 million drivers.

This acquisition aims to rapidly expand Flowbird’s off-street and digital offering as well as helping to facilitate YPS’s international expansion. 

Armstrong provided full Commercial Due Diligence (CDD) including 96 in-depth interviews with commercial customers, private landlords, suppliers and market experts. The CDD looked at market trends and assessed possible strategies for growth, as well as providing a detailed analysis of the competitive and technological landscape.

For more information or to find out Armstrong’s views on opportunities in the parking sector, please contact: 

Peter Cookson, Managing Partner

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

Email Peter

Mike Callow, Partner

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

Email Jack

Jack Hibbs, Engagement Manager

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

Email Charlie

Armstrong is pleased to have provided Vendor Commercial Due Diligence (vCDD) for Bowmark Capital’s investment in Littlefish, a leading provider of managed IT and Cyber services. This is the second time that Armstrong has conducted CDD on Littlefish, having previously advised on LDC’s investment in 2019.

Founded in 2003, Littlefish provides a comprehensive range of managed IT, cyber security, cloud and IT consultancy services to over 200 customers across both the private and public sectors. Littlefish has successfully built on its clear proposition, compelling competitive positioning and an efficient route to market to deliver consistent growth over LDC’s investment period.

Armstrong’s sellside CDD work included an overview of market demand and a detailed review of the competitive landscape, an assessment of the route to market and operational initiatives including automation, and a roadmap for future development of the proposition.

“We enjoyed working with the Armstrong team. They got an understanding of our business and market position quickly. Their CDD report helped investors understand our market, positioning, and our growth opportunity.” Steve Robinson, CEO, Littlefish

“We look forward to seeing Littlefish develop in partnership with Bowmark. Their differentiated service offering and talented management team will continue to support their strong growth.” Mike Callow

To find out Armstrong’s views on opportunities in the technology sector, please contact:

Mike Callow, Partner

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

Email Mike

Charlie Mundy, Consultant

cmundy@armstrong-ts.com

Email Charlie

Ifan Dafydd, Senior Consultant

idafydd@armstrong-ts.com

Email Ifan

Armstrong is pleased to have provided Commercial Due Diligence (CDD) for Holland Capital in support of its acquisition of OnePLM, to complement the existing digital consortium Magnus Digital, Dimensys, Cards PLM Solutions and Appronto in which Holland Capital is co-shareholder. 

With over 25 years’ experience, OnePLM is the market leader in Siemens Digital Industries Software in the UK & Ireland, who have built a reputation in successfully delivering Siemens software solutions, technical consultancy and support services to the world’s leading engineering and manufacturing businesses.   

The acquisition aims to contribute an important role in the digital transformation of the manufacturing industry, also known as ‘Industry 4.0’.  In addition, the collaboration is the next step in a buy and build strategy with ambitions of becoming one of the leading parties in Western Europe. 

Armstrong’s Commercial Due Diligence (CDD) examined market and competitive trends at both the vendor and reseller level; assessed OnePLM’s opportunity to expand its coverage of the Siemens suite and address larger, more complex clients. 

The OnePLM management team was open and supportive throughout this process, providing useful insights into the business and overall market.  

Mike Callow, Partner, Armstrong, said: “OnePLM is a leading partner for Siemens and the group backed by Holland is uniquely well placed to become a full-service partner across the suite and drive the digital transformation of the industrial sector, we wish them well on their journey.” 

To find out Armstrong’s view on opportunities in the Technology sector please contact; 

Mike Callow, Partner

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

Email Jack

Armstrong is pleased to have provided Commercial Due Diligence support for Horizon Capital’s investment in Boston MFO, a specialist trust and fiduciary services business based in the Isle of Man.

Katherine Ellis (CEO) and Alex McNee (COO) led a management buyout of Boston MFO from its family office ownership in October 2019. Since then, the business has grown substantially via strong organic growth through the winning of new customer relationships and through the acquisition of IQE in 2020, a highly complementary fiduciary services business based in the Isle of Man. Horizon’s investment will enable Boston to continue to grow the business both organically and via acquisition.

Armstrong’s work comprised of full CDD, including validation of the market opportunity and Boston’s competitive position, interviews with clients and intermediaries, analysis of the firm’s internal data, and a detailed assessment of management’s growth strategy. Armstrong carried out over 40 interviews with clients and market participants as part of our work.

Adam Lewis, Horizon, said: “We are pleased to have completed our investment in Boston MFO with the support of Matt and the Armstrong team. They carried out an extensive client, and intermediary interviews and business analysis, which together with their extensive sector expertise gave us clear & useful insight to support our investment hypotheses.”

The transaction remains subject to regulatory approval.

For more information or to find out Armstrong’s views on opportunities in offshore fiduciary services and in the wider financial services sector, please contact:

Matt McNally, Director

mmcnally@armstrong-ts.com
+44 7894 736523

Email Peter