PE-Backed MSP Synergy Associates Acquires Fresh Tech Ltd
Synergy says it was introduced to Fresh Tech through its private equity backer and advisor, Evolution Capital.
This is M&A deal 455 that ChannelE2E has covered so far in 2020. See the complete M&A deal list here.
Fresh Tech was founded in 2004 to serve London’s advertising and media companies. Eventually, it diversified to include other sectors including finance, retail and government organizations. Today, Fresh Tech’s core offerings are centered on project management and cloud solutions.
Though the acquisition was just announced, the deal was completed in April 2020, despite the rising threat of the coronavirus pandemic. This deal marks Synergy’s first major acquisition since its founding.
Synergy Acquires Fresh Tech: An Exciting Collaboration
Alexander Caplan, founder of Synergy Associates, commented:
“Evolution introduced us to Fresh Tech in 2017, and we immediately saw the opportunity for an exciting collaboration with a leading MSP operating in complementary market sectors. Synergy and Fresh Tech are alike in numerous respects –international reach, dedication to clients, and advocacy of Cloud-first solutions. Evolution helped to negotiate and realize the merger, bringing value to each party, and working to create a substantial new firm with enhanced capabilities and scale.”
Ric McCorriston, founder of Fresh Tech, said:
“At an early stage, we identified shared values and aspirations between our two organizations. The consolidation of our resources has enabled us expand our activities internationally, with further opportunities for growth on the horizon.”
Duncan Gregory, head of Evolution Capital’s transaction team, added:
“After working with Synergy for five years and helping them create significant value in their business, we are delighted with the outcome of this acquisition as part of what we believe will be a very successful M&A strategy. Our innovative and bespoke process, which has been developed in-house by Evolution Capital following decades of transactional experience, has enabled us to keep transactions on track despite the negative effects of the pandemic.”
Synergy Associates’ Growth
Synergy was founded in 2006 by Alexander Caplan, a manager of international IT infrastructure for Lehman Brothers. Caplan left Lehman to focus on his company full-time in 2008.
Initially, the company found success in the international fine art market, supplying IT services to some of the world’s leading commercial galleries. Synergy now has offices in London, Hong Kong, New York and Washington.
In 2015, Synergy partnered with Evolution Capital to support its ongoing growth efforts.