Evolution Capital is delighted to announce it has advised on the sale of Advanced Computer Systems Group (ACS Group), a highly profitable Yorkshire-based IT specialist focused on schools and SME businesses across the UK, to AdEPT Technology Group plc (AdEPT), the established and growing AIM-listed ICT services provider.
Evolution Capital acted as advisers to the owners of ACS Group, which led to AdEPT acquiring 100% of the business for a headline price of up to £7.5 million in April 2019.The group was established in 1999 as IT specialists for small businesses and educational establishments in South Yorkshire. The company was founded by brothers Mike and Kevin McEwen, who grew ACS Group into a thriving niche business with a loyal customer base of over 200 satisfied customers nationwide at the transaction date. This provision of excellent customer service and dedication to bespoke solutions was at the heart of the success of ACS Group.
Phil Race, Chief Executive of AdEPT, commented: “We are delighted to have acquired such a high-quality business with the highly experienced vendors remaining with ACS Group post-acquisition. AdEPT has an existing education focused IT service operation in Orpington – the acquisition of ACS Group builds on this capability and extends the geographical reach of AdEPT’s IT services to Yorkshire. ACS Group has a well-developed customer base with long term relationships, which builds upon AdEPT’s existing strong education presence. The acquisition is expected to be earnings enhancing from completion.”
ACS Group’s co-founder Mike McEwen said: “We are absolutely thrilled with the sale of the business to AdEPT and for the advice and guidance of Evolution Capital, which brought us to this point. Evolution Capital proved their comprehensive knowledge of our marketplace. Their professionalism and expertise, demonstrated in guiding us toward our goals, has been exemplary. The team’s proposals and advice have been exactly what was required and I have no doubt we could not have done it without them.”
The Evolution Capital team was led by Duncan Gregory and Nick Blong.
Duncan Gregory, Director Transaction Services, Evolution Capital, said: “We are pleased to have achieved such a successful outcome for both businesses and it is great to see the founders of ACS Group rewarded for their hard work and diligence. I believe this transaction underlines our credentials as a leading corporate finance adviser in the IT space.”