A pair of entrepreneurs have expanded their IT and managed services platform with the acquisition of a South Manchester-based managed services provider. The acquisition was supported by private credit provider TDC.
Alex Heslip and Chris Earle, who exited from Verastar in 2021, embarked on a buy-and-build strategy to create their own managed services platform. Teaming up with Independence Capital, a Greater Manchester-based private equity business, the duo made their first acquisition in 2023 with RISC IT, a North Wales-based cloud services provider.
Their latest acquisition, Cheadle-based Novem, specializes in supporting customers with 20 to 250 employees and offers fully and partially-outsourced IT support services. As a Microsoft partner for Modern Work, Novem provides Azure consultancy, infrastructure, telecoms, and cybersecurity services.
To support the acquisition of Novem, the group completed a refinance with TDC, providing a senior credit facility and equity co-investment through its Impact Fund dedicated to funding Northern SMEs for growth and job creation opportunities.
Alex Heslip, group chief executive of the TDC-backed platform, expressed excitement about the acquisition, highlighting Novem’s additional service capabilities and strong organic growth potential. Rhys Watson, managing director of Novem, also shared his enthusiasm for the new chapter and growth opportunities ahead.
Jon Petty, investment director at TDC, emphasized the company’s support for Northern businesses and their commitment to backing ambitious ventures like the expansion of Novem. The advisers involved in the acquisition included Hill Dickinson, Cortus Advisory, Myerson, Insight Business, and Addleshaw Goddard.
Overall, the acquisition of Novem marks a significant milestone for Alex Heslip and Chris Earle’s growing platform as they continue to expand and enhance their offerings for SME customers in the North West.