Capital advises on WestBridge’s 5th exit from its first fund
Our client, private-equity house WestBridge, has successfully sold portfolio company ISG Technology to one of its channel partners, Allvotec - the leading partner-only provider of managed and professional services in the UK.
WestBridge first supported the management buyout of ISG in July 2016, paying £10.5 million. Since then, the company, which provides network design, deployment and management services for multi-site clients in the UK, has grown both turnover and profitability.
Capital Law acted for WestBridge on the management buy-out back in 2016, and for WestBridge, Octopus and ISG’s management team on this exit. This is Allvotec’s first acquisition, and WestBridge’s 5th exit from its first fund, WestBridge I.
Tom Kelleher led for Capital, alongside Catherine Golledge and Angelina Drljaca-Chandler from our Corporate team. They supported the WestBridge team (Valerie Kendall, Founding Partner, and Ed Minton, Investment Manager), Ian Potter from Octopus, and ISG’s management team, led by CEO, Dave Gardner.
The deal will enable Egham-headquartered ISG to deliver its services to a much broader set of partners, and Allvotec to bolster its networking, Wi-Fi, and physical infrastructure capabilities, while adding the experience and expertise of the ISG team to its business. ISG’s 175 employees, spanning its UK office and Network Operation Centre in Bulgaria, will bring Allvotec’s total headcount to 1,500, and add an additional £25m of revenue.
Valerie Kendall, Founding Partner, WestBridge, said:
“The Capital Law team have been trusted partners throughout our three-year journey with ISG. Tom, Cath and Angelina worked effectively through the divestment, tackling potentially thorny issues in a constructive, pragmatic way and delivering an outcome that everyone felt was positive. Their help was invaluable and appreciated by all.”
Dave Gardner, CEO, ISG, said:
“Capital Law were instrumental in the successful outcome of this sale. The support and guidance throughout was exceptional, providing assurance to the ISG management team in all aspects of the process. This ensured the transaction did not impact the quality of service we strive to deliver to our clients.”
Tom Kelleher, Partner, Capital Law, said:
“The sale of ISG is another great example of WestBridge’s record of backing an impressive management team to grow a business to its next stage. We have supported WestBridge throughout its ownership of ISG, and it is a real delight to have supported them again on this, their 5th exit.”
