Air IT, a United Kingdom-based managed IT services company, has received an investment from private equity (PE) firm, August Equity. The money will be used to to help the Nottingham-based company’s growth and expansion, the firm announced.
Air IT did not disclose whether August Equity acquired a majority or minority stake in the MSP.
This is M&A deal Number 111 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
Air IT: New Executives Plan Acquisitions
Air IT, founded in 2005, has generated a compound annual growth rate (CAGR) of 28 percent over the past three years. Next up, Air IT also hopes to increase its presence in the UK with strategic bolt-on acquisitions, according to a prepared statement.
The growth plan includes new executive leadership.
- Ian Brown joins as chairman.
- John Whitty joins as CEO. Previously, Whitty headed up inorganic growth strategies for Pipex, GCI, and Solar.
- Air IT Founder Todd McQuilkin moves into a non-executive director role.
- James Healey, managing director of Air IT, shifts to chief operating officer.
Describing the private equity backing and opportunities ahead, Whitty said:
“I’m confident this investment will underpin our plans to continue to grow both organically and through acquisition. In order to achieve these aspirations, we recognized that we needed a proven, technology aware, financial partner who has demonstrated their experience in supporting management teams to deliver similar growth previously and August Equity have an exceptional track record in doing this.”
“Air IT plans to tap into the significant underlying demand for ICT services from SME organizations driven by both digitization and the major skills shortage throughout much of the UK. I look forward to helping John and the team develop the business organically and through complementary acquisitions over the next few years.”
August Equity, based in the UK, invests in small and medium-sized businesses with a service-oriented focus. According to its website, August Equity looks for growth opportunities in changing markets and invests in adjacent sectors. The firm has at least 25 companies in its portfolio.