European MSP, IT Services Provider Acquired By Management Team
An MSP in Bristol, England has completed an ownership transition to managers within the business. The company, called ComputerWorld, is an IT service provider and is not related to the well-known computer publication of the same name.
The new owners are John Armstrong, Barry Coombs, David Wynn and Jonathon Pine. The foursome, led by Armstrong as managing director, has overseen the company for more than a decade. The sellers were Mrs. Emma de Haes-White and Chairman John Hollingdale, both of whom will retain an involvement in the business.
The deal was part of ComputerWorld’s long-term succession strategy. The company navigated the untimely death of former CEO and former owner Jonathan Osborne in 2014.
This video gives you a feel for the current ComputerWorld business:
ComputerWorld specializes in infrastructure modernization, workspace transformation, and security solutions. Key partners include Dell EMC, VMware and Microsoft.
The company had a turnover of £14.5 million (US$19.6 million) in 2017. Along with its headquarters in Bristol, the company has an office in Cardiff and a total headcount of 42 people.
“The team is very proud and honored to have successfully completed the MBO,” said Armstrong. “We are delighted to have retained the involvement of all previous stakeholders whilst giving a new ownership structure that will enable the management team to deliver the strategic plan for the business over the coming years.
A management buyout (MBO) happens when a company’s management team purchases the assets and operations of the business they manage. It’s particularly appealing to professional managers as it has the potential to offer greater rewards for being owners of the business, rather than employees. Still, the financing required for an MBO is often substantial. Financial terms of this deal were not disclosed.