NorthEdge Capital has sold Jigsaw24, a provider of IT solutions to the corporate, creative and education sectors, to private equity firm Alcuin Capital Partners.
Based in Nottingham, Jigsaw24 is a B2B reseller, integrator and managed service provider of Apple technology, Adobe and Avid software.
The company has achieved strong sales growth of over 120% (£125 million in the year to May 2017) and benefits from a 25-year working relationship with Apple.
NorthEdge backed Jigsaw24 in April 2013, supporting the existing management team to further develop the increasing popularity of creative technology in the workplace and demand for video content across multiple business sectors.
The company has since more than doubled its EBITDA to over £4 million and completed three bolt-on acquisitions to extend both its product line and geographical portfolio.
This secondary management buyout was led by Jigsaw24 Managing Director & Founder Roger Whittle and Finance & Operations Director John Hughes, with the support of Alcuin and PNC Financial Services. Jigsaw24’s CEO, Martin Balaam, will also exit the business with NorthEdge.
From NorthEdge, the sale was led by Managing Partner Grant Berry and Investment Manager Andrew Skinner. The exit represents a 3.1x return on investment for NorthEdge Capital Fund I.
Andrew Skinner, Investment Manager at NorthEdge Capital, said: “Jigsaw24 has achieved sustained growth since NorthEdge’s investment and has built an impressive client base, including some of the UK’s best known brands.
“Through organic growth and strategic acquisitions, we have expanded the business’ geographical presence and enhanced its offer for customers.
“It has been a pleasure working with Chairman Iain Ferguson and Roger, Martin, John and the rest of the management team at Jigsaw24 and we are confident that the firm will continue its upward trajectory in its next chapter.”