Two North West entrepreneurs have recently acquired Novem, a South Manchester managed services provider, in a move aimed at expanding their IT managed services platform. Alex Heslip and Chris Earle, who both exited from Manchester-based SME essential services provider Verastar in 2021, have set out on a buy-and-build plan to create their own operation.
Their acquisition was supported by private credit provider, TDC, which completed a refinance, providing a senior credit facility alongside an equity co-investment through its Impact Fund, dedicated to funding Northern SMEs investing to grow and enhance regional job creation opportunities. To fuel their strategy, the pair have partnered with Independence Capital, a Greater Manchester-based disruptor in the private equity market.
With their second acquisition of Cheadle-based Novem, which typically supports customers with 20 to 250 staff and has expertise in fully and partially-outsourced IT support services, Heslip and Earle are looking to further expand their presence in the managed service sector across the UK.
Rhys Watson, managing director of Novem, expressed excitement about the new chapter for the company and the opportunity to work with Alex and Max from Independence Capital to enable further growth. The advisors involved in the acquisition were Hill Dickinson, Cortus Advisory, Myerson, Insight Business, and Addleshaw Goddard.
The team is looking forward to continued growth and expansion as they solidify their position as experts in meeting the needs of SME customers.