Fast growing Gateshead firm Aspire Technology Solutions is on the acquisition trail after securing investment in a deal which values the business at £85m.
Aspire – a former North East Company of the Year – was launched by two-man team Chris Fraser and Nigel Begg 15 years ago and has since grown to become a leading UK IT managed service and cyber security providers, employing more than 200 people.
The firm, whose customer base extends across the UK and covers a range of sector, now has bases in Gateshead, London and Stockton, having recently moved into its new head office at the Pipewell Quay development, based on the site of the former Baja Beach Club.
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Aspire is currently delivering plans to create more than 150 jobs across its recently opened head office and a new base at Fusion Hive, a business and innovation centre based on Stockton’s Northshore.
The business has scaled rapidly with revenue rising to £30m in the last 12 months of trading, growing more than 48% over the past three years.
Now the firm has secured significant minority investment from LDC, the UK’s leading mid-market private equity firm.
LDC’s partnership will support Aspire’s management team, led by CEO Chris Fraser, to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.
Mr Fraser said: “Working with a leading investor that’s right on our doorstep in the North East was really important to us. LDC has an extensive history of supporting businesses just like ours to grow.
“Gareth, Mike and Naomi at LDC are passionate about helping us to deliver on our vision to provide cutting edge technology to our clients. The investment marks a new chapter for Aspire which will enable us to move to the next level. It’s such an exciting time.”
Gareth Marshall, partner and head of North East at LDC, said: “Aspire’s growth, especially over the past three years, is a true testament to the ambition of Chris and his team. Together, they have created a market-leading tech business that the local community here in the North East is incredibly proud of.
“We can see a real opportunity to support the growth of Aspire across the UK and we’re excited about working with the management team to deliver on this.”
Aspire was advised by Clearwater International and Muckle LLP. LDC was advised by PwC and Cavu, Womble Bond Dickinson and KPMG.
Philip Clare, corporate partner at Muckle LLP, said: “As a leading law firm for businesses, it has been great to work with Aspire over the years and to see it go from strength to strength. This is a fantastic deal for the North East, with a successful regionally based business securing a significant investment from a national fund with a local presence.
“On behalf of everyone at Muckle LLP we wish Chris and the Aspire team, as well as the team at LDC, every success with this investment and we are looking forward to watching Aspire’s continued growth.”
