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.
Novem, based in Cheadle, was the group’s second acquisition. The company specializes in providing IT support services to businesses with 20 to 250 employees, offering expertise in fully and partially outsourced IT support services. Novem is also a Microsoft partner for Modern Work, providing Azure consultancy, infrastructure, telecoms, and cybersecurity services.
To support the acquisition of Novem, the group completed a refinance with TDC, securing a senior credit facility and equity co-investment through its Impact Fund. Alex Heslip, group chief executive of the TDC-backed platform, expressed excitement about the acquisition and welcomed Rhys Watson and Mike Ryan to the leadership team.
Rhys Watson, managing director of Novem, shared his enthusiasm for the new chapter and growth opportunities that come with joining forces with Alex and Max of Independence Capital. Jon Petty, investment director at TDC, highlighted the importance of backing Northern businesses like Novem to support ambition in the region.
The advisers involved in the acquisition included Hill Dickinson, Cortus Advisory, Myerson, Insight Business, and Addleshaw Goddard. The acquisition marks a significant milestone for Novem and the expanding IT platform led by Alex Heslip and Chris Earle.