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 previously 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, became the group’s second acquisition. The company specializes in providing IT support services to customers with 20 to 250 employees, offering expertise in fully and partially-outsourced IT support services. As a Microsoft partner for Modern Work, Novem also provides Azure consultancy, infrastructure, telecoms, and cybersecurity services.
To support the latest acquisition, the group completed a refinance with TDC, securing a senior credit facility and an equity co-investment through its Impact Fund. Alex Heslip, group chief executive of the TDC-backed platform, expressed excitement about the acquisition of Novem and the growth opportunities it presents for the group.
Rhys Watson, managing director of Novem, shared his enthusiasm for the new chapter ahead, highlighting the growth potential and partnership with Alex and Max from Independence Capital. Jon Petty, investment director at TDC, emphasized the importance of backing Northern businesses and supporting ambition in the region.
The advisers involved in the transaction included Hill Dickinson, Cortus Advisory, Myerson, Insight Business, and Addleshaw Goddard. With Novem now part of the expanding platform led by Alex Heslip and Chris Earle, the future looks bright for their growing group of SME-focused IT and managed services providers.