Armstrong supports MML’s investment in Vyta, a leading IT recycling company

Armstrong is pleased to have provided commercial due diligence (CDD) for MML Ireland in support of its investment in Vyta, a leading company in the IT recycling industry, with a strong focus on customer service, sustainability, and security.

Established in 2001, Vyta specialises in the secure and responsible disposal of IT equipment, covering collection, data security and wiping, re-commerce, and disposal, all in an environmentally responsible manner. Vyta is the only provider based in Northern Ireland to hold both the ADISA and R2 accreditations.

Vyta is one of the largest IT asset disposal companies in Ireland, MML’s investment will support Vyta’s growth strategy in the UK and Europe. Vyta’s first acquisition is FGD, an Essex-based IT disposal company.

As part of the CDD process, Armstrong did in-depth interviews with a range of Vyta’s and FGD’s customers, as well as market experts and competitors to give MML a rounded view of Vyta’s market position in the ITAD (IT asset disposal) sector, and its opportunity for growth. Armstrong also assessed market demand and the competitive landscape and worked with MML’s deal team and the FDD team on analysing management’s business plan cases and internal KPIs.

Chris Walsh at MML said; “Matt, Simon, Rupert, and the whole Armstrong team provided a comprehensive and high-quality report supporting our investment into Vyta. The report was insightful and helpful for MML and the management team, with insights and recommendations that will help to shape the strategy to scale the business. We look forward to working together again in the future.

Simon Hemsley, Partner at Armstrong, said; “The ITAD market in the UK & Europe is a good opportunity for a buy-and-build strategy, as it is fast-growing but fragmented by service line & country. Vyta has a strong management team which has grown the business significantly in recent years and is well-positioned both as a consolidator and for organic growth.”

For further details on this project and Armstrong’s views on opportunities in the business services and industrials sectors, please contact;

Simon Hemsley, Partner

[email protected]
+44 7957 340534

Email Simon

Matt McNally, Director

[email protected]
+44 7894 736523

Email Matt

Rupert Cookson, Senior Consultant

[email protected]
+44 7983 110150

Email Rupert

Armstrong supports Melior Equity Partners’ investment in Salmon Software

Armstrong is pleased to have provided commercial due diligence (CDD) for Melior Equity Partners in support of its investment in Salmon Software, a fast-growing financial services software business that provides customers with a world-class treasury management system (TMS).

Customers use Salmon Software’s innovative, specialist software to efficiently manage their treasury function, including risk management, payments, cash management & forecasting, dealing, and regulatory reporting. Customers receive automated, integrated treasury management functionality, with built-in workflows and real-time business insights.

Founded by CEO John Byrne, Salmon Software has offices in Ireland and the Czech Republic, and a roster of international customers. The company’s TMS has evolved into one of the world’s most sophisticated treasury management products, reflecting the global financial industry’s technological innovation and increasingly complex nature.

The investment from Melior will support the future growth of Salmon Software, enabling further development of the core TMS product and expanded customer support.

Armstrong provided focused buy-side CDD, building on our team’s strategy and industry experience in the financial services and technology sectors. Armstrong assessed Salmon Software’s opportunity to expand in its core market by conducting an in-depth customer referencing programme, backed up by conversations with Armstrong’s network of market experts, and integrated into our deep analysis of a complex market and competitive landscape.

Esmond Greene, Managing Director at Melior Equity Partners, said:

“Simon, Ifan, and the Armstrong team provided Melior with a high-quality and comprehensive CDD report which evaluated our investment hypotheses on Salmon Software and the wider TMS market. We chose to work with Armstrong on this deal because of their financial services and technology sector knowledge and their ability to produce clear, useful conclusions for us and the management team.”

Simon Hemsley, Director at Armstrong Transaction Services, said;

“We look forward to seeing Salmon Software grow in partnership with Melior. The TMS market should continue its robust growth over the coming years, and Salmon Software is well-placed to take advantage.”

For further details on this project and Armstrong’s views on opportunities in the technology and financial services sectors, please contact;

Solomon Ishack, Senior Consultant

[email protected]
+44 7943 036 633

Email Simon

Simon Hemsley, Partner

[email protected]
+44 7957 340534

Email Matt

Mike Callow, Partner

[email protected]
+44 7894 594 500

Email Rupert

Armstrong supports LDC’s investment into Aspire Technology Solutions

Armstrong is pleased to have provided sell side CDD support for LDC’s significant minority investment into Aspire Technology Solutions, in a transaction which values the business at £85m.

Aspire is one of the fastest growing IT managed service and cyber security providers in the UK and was launched 15 years ago by CEO, Chris Fraser. The company now has multiple offices in locations including Gateshead, London and Stockton-on-Tees, and employs more than 200 people.

Aspire is currently delivering plans to create more than 150 North East jobs across its recently opened HQ, based on the site of the former iconic Baja Beach Club at Gateshead Quays, and a new base at Fusion Hive, a business and innovation centre based on Stockton’s Northshore.

With a large network of UK customers, Aspire delivers leading technology solutions across a range of applications including cloud, connectivity, voice, technical support, and cyber security. Its full fibre network provides bandwidth speeds of up to 100 gigabits per second – some of the fastest connectivity speeds available in the UK.

The business has scaled rapidly with revenue rising to £30m in the last 12 months of trading, growing more than 48% over the past three years.

LDC’s partnership will support Aspire’s management team, led by Chris Fraser, to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.

Armstrong provided full scope sell side due diligence, including a specific value creation module to help LDC and management define Aspire’s growth strategy, focused on geographical and service development.

Chris Fraser, Aspire CEO, said “We enjoyed working with Armstrong and the team throughout the process due to their thorough and constructive approach.”

Mike Callow, Director at Armstrong Transaction Services said “Aspire is a great business, and we look forward to seeing it go from strength to strength. Congratulations to Chris and the team at Aspire as well as the other advisors involved, it was a great team effort.”

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

Mike Callow

+44 7894 594 500
[email protected]

Email Mike

Magnus Hedberg

+44 7988 121 458
[email protected]

Email Magnus

Ifan Dafydd

+44 7792 158 738
[email protected]

Email Ifan

Armstrong supports Graphite Capital’s acquisition of Opus Talent

Armstrong is pleased to have provided full CDD support for Graphite Capital’s acquisition of Opus Talent Solutions, a global recruitment business, backing a management buy-out from the company’s founder.

Opus is based in Bristol, has more than 1,000 clients in over 50 countries, and specialises in the technology and renewable energy markets. Armstrong analysed the market and competitive dynamics in Opus target sectors and geographies (UK, USA, Australia), to understand the firm’s growth potential in its end markets, and the opportunity for its technology developer offering.

We conducted in-depth interviews with clients, candidates, and consultants to get a 360-degree view of the firm’s operations. Our work also included analysis of key internal KPIs, and development of base, upside, and downside business plan cases.

Rachael Baker at Graphite Capital said “We are pleased to have completed our investment in Opus Talent Solutions with the support of Matt, Simon, and the Armstrong team. They provided comprehensive and insightful commercial report, which was key to supporting our investment hypothesis. The report will also be a useful framework for thinking about how we can support the company’s ambitious growth plans.”

Simon Hemsley, Director at Armstrong Transaction Services said “Opus is a great business, and we look forward to seeing it go from strength to strength under Graphite’s ownership.”

We think there are still plenty of opportunities in the recruitment sector, as business continues to rebound from the pandemic – see our thoughts on PE investment in our Recruitment – Heating up again for Private Equity article.

Please contact Simon Hemsley or Matt McNally to discuss Armstrong’s views on opportunities in recruitment in more detail;

Simon Hemsley, Partner

+44 7957 340 534
[email protected]

Email Mike

Matt McNally

+44 7894 736 523
[email protected]

Email Matt

Armstrong supports DA Languages in its sale to IK Partners

Armstrong has provided sell-side CDD support for Foresight’s sale of DA Languages Ltd (‘DAL’) to IK Partners (‘IK’).

Founded in 1998 and headquartered in Manchester, DAL is one of the fastest growing language services providers in the UK, providing critical services to organisations communicating with non-English speakers. With a network of over 8000 mother tongue interpreters and translators, DAL’s offering spans face-to-face, video and telephone interpretation along with written translation services. Over 450 languages and dialects are provided, including sign language, enabling better outcomes for all stakeholders. Promoting inclusivity and equality is at the heart of DAL’s operations, ensuring that language barriers are removed in critical situations, particularly in healthcare and legal settings.

Armstrong provided full sell-side CDD. This included in-depth interviews with customers and market participants as well as an exploration of market trends and drivers such as the increased use of video and other technology within the sector. Armstrong delivered a detailed analysis of opportunities for growth within the markets that DAL operates in.

Matthew Taylor, Managing Director at DAL said “Armstrong were great to work with. The team was responsive and insightful, and got an understanding of our business and the industry quickly. The report will be a very useful framework for addressing growth opportunities in the future”.

To find out Armstrong’s views on opportunities in the business services sector, please contact;

Peter Cookson, Managing Partner

+447871425467
[email protected]

Email Mike

Jack Hibbs, Engagement Manager

+44 7883296346
[email protected]

Email Tom

Armstrong supports Bridges Fund Management’s investment in Tier 1

Armstrong has provided full CDD support for Bridges Fund Management’s investment in Tier 1, a leader in the IT recycling and Asset Management industry, providing secure IT recycling, disposal, and refurbishment services.

Established in 1995 Tier 1 Asset Management Ltd specialises in the secure and ethical disposal of end of lifecycle IT equipment, covering collection, guaranteed data security, re-marketing, and environmental disposal.

As part of CDD Armstrong carried out 44 in-depth interviews with multiple customer groups, market experts, competitors, and suppliers. We also carried out market & competitor analysis, assessment of internal KPIs and development of base, upside, and downside business plan cases.

Daniel Knight at Bridges Fund Management said “Matt and the Armstrong team provided a high-quality and comprehensive commercial report supporting our investment into Tier 1, and also provided clear forward-looking insights that will help shape strategy and scale the business. We look forward to working together again in future”.

Sustainable and ESG investing is a growing focus for Armstrong. To find out more, please contact:

Matt McNally

+44 7894 736 523
[email protected]

Email Mike

Armstrong supports Inflexion’s investment in Detectortesters

Armstrong has provided CDD support for Inflexion’s investment in Detectortesters, the leading global manufacturer of fire detector testing equipment.

Founded in 1965, Detectortesters designs and produces solutions that enable testing of smoke, heat, and carbon monoxide fire detectors. The business exports its products to over 130 countries, deriving over 80% of its revenues outside the UK. The company conducts all new product development in-house, working with all of the major fire detector OEMs.

Armstrong conducted 15 detailed sector expert interviews in order to provide Inflexion with a focused buy-side CDD report, addressing specific key questions.

This deal builds on Armstrong’s recent experience in the TICC sector. To discuss our views on opportunities in this sector, please contact:

Matt McNally

+44 7894 736 523
[email protected]

Email Mike

Armstrong supports Sovereign Capital Partners’ investment in Aquitaine Group

Armstrong has provided Commercial Due Diligence support for Sovereign Capital Partners’ investment in Aquitaine Group, a specialist private client trust and corporate services provider.

Based in Guernsey, Aquitaine has an excellent reputation for providing private client trust services including estate planning and wealth management structures, together with corporate fiduciary services. Aquitaine has a strong and growing referral network among law firms and other intermediaries. Guernsey is an attractive jurisdiction for private clients and their advisers, given its reputation, regulatory culture, and high-quality network of professional services firms.

Armstrong conducted full buy-side CDD, including extensive customer and intermediary referencing, interviewing market experts and competitors, and an assessment of the complex market and fragmented competitive environment.

Armstrong also tested Aquitaine’s opportunity to execute a targeted buy-and-build strategy to expand capabilities across multiple jurisdictions in the trust, fund, and corporate services sectors. As part of that work, Armstrong advised on Aquitaine’s acquisition of Summit Trust International, based in Switzerland, as part of its buy & build strategy to establish a leading multi-jurisdictional private client trust business.

Alex Hay at Sovereign Capital Partners said “We are pleased to have completed our investments in Aquitaine and Summit with the support of Simon and the Armstrong team. They carried out an extensive client, intermediary, and market referencing programme and used their experience in the sector to provide clear and commercial insight which was key to supporting our investment hypothesis. We thank the Armstrong team for their hard work and we look forward to working with them again in the future.”

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

Simon Hemsley, Partner

+44 07957 340534
[email protected]

Email Mike

Armstrong supports the British Engineering Services Group in their acquisition of Proviso Systems

Armstrong has supported the British Engineering Services Group, a market-leading UK testing, inspection, certification, & compliance (TICC) business, in their acquisition of Proviso Systems, a condition-based monitoring firm. British Engineering Services is an Inflexion portfolio business. This transaction follows BES’s earlier condition-based monitoring acquisition of PCMS in 2020.

Proviso Systems is a condition-based monitoring business established in 1995, located in Doncaster, providing specialist services such as vibration analysis, thermography, and oil analysis to customers nationwide. Proviso’s team of engineers work closely with clients in a broad range of sectors to monitor the state of their machinery, enabling proactive maintenance and preventing unexpected breakdowns.

Armstrong carried out customer referencing to assess the quality of Proviso’s customer relationships and explore additional areas where they can support them. Our work highlighted Proviso’s superior technical expertise, know-how, differentiated customer service, and further evidenced a trend towards the increased adoption of remote monitoring solutions.

Sebastian Lomax, Group Director of Acquisitions at British Engineering Services: “Understanding the strength and quality of customer relationships is critical when acquiring a business, so to have the Armstrong team alongside me to support with their market knowledge and insights is invaluable in making the right decisions. I look forward to working with them again soon on the next acquisition.”

To find out more about industrial opportunities please contact:

Matt McNally

+44 7894 736 523
[email protected]

Email Mike

Magnus Hedberg

+44 7988 121458
[email protected]

Email Magnus