New investment funds InTec’s acquisition of managed IT services firm
Fri, 21 Jul 2023 | BUSINESS SALE
InTec Business Solutions has acquired Sweethaven Computers in a deal funded by a £2.8 million follow-on investment from its royalty partner Duke Royalty. The investment also provides the settlement of a deferred consideration for a previous acquisition.
Manchester-based InTec is an investment holding company formed to operate a buy and build acquisition strategy focused on consolidating synergistic firms in the UK and Ireland’s IT managed services sector.
Duke Royalty provides alternative capital services to a diverse range of businesses across Europe and North America. Following the latest funding, it has now invested a total of £23.9 million into InTec Business Solutions. The investment has been made in line with the terms of its previous follow-on investment into the business, including a 6 per cent annual adjustment factor.
Following the takeover of Sweethaven, InTec has now completed 14 acquisitions since it was formed by Maven Equity Finance through the Northern Powerhouse Investment Fund (NPIF) in 2018. The company has said that it has “many more [acquisitions] on the horizon”.
Duke Royalty Chief Executive Neil Johnson commented: "The acquisition of Sweethaven marks an exciting step forward for InTec, as it bolsters the company's existing education-focused offering and expands our scale and credibility within the public education sector.”
"There is a strong cultural fit between InTec and Sweethaven, and we look forward to seeing the positive impact that this new addition will have within the wider group."
Sweethaven was founded in 1977 and is based in Surrey. The company provides managed IT services for SMEs, primarily focusing on long-term working relationships and contracts with companies in the education sector.
Read about M&A in the UK's education technology sector.
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