Advised by Birmingham law firm The Wilkes Partnership, private
equity firm APSU Capital Limited (owner of Coventry-based managed
IT services firm AssurIT) has acquired mid-market IT infrastructure
business Apex Computers International Limited. The resulting group
now has locations in Warwick, Coventry, Newport and
Cirencester.
Gareth O'Hara, partner in the corporate team at The Wilkes
Partnership, led the legal team, with assistance on the acquisition
side from assistant solicitor, Samantha Joslyn. Gareth explains:
"At The Wilkes Partnership, we have been advising Steve Morris, CEO
of APSU and one of its key investors, for nearly 15 years on a
variety of disposals, acquisitions and reconstructions. AssurIT has
been in the managed services business for over 20 years and, like
Apex, has an extensive, long-standing and loyal customer base."
Steve Morris adds: "The merger of AssurIT and Apex creates a
company that will provide a breadth of services and support unique
in the industry. The customer bases that both businesses have,
together with the Apex name and reputation in the mid-range
marketplace, will enable us to continue to provide a high level of
exceptional support and service to our customers, both current and
future."
Fellow APSU investor and managing director of AssurIT Steve
Ellis will be heading up the day-to-day business as managing
director of the enlarged group. Additionally, Steve Morris together
with overseas investor, Klaus Lovgreen, will be taking an active
role in the ongoing promotion and strategy of the enlarged
group.
The Wilkes Partnership worked closely with Steve Brown, head of
Private Equity at RSM Tenon, who assisted with negotiation of the
deal and advised on deal structure. Together Wilkes and Tenon
secured the necessary finance for the acquisition and project
managed the deal to a successful conclusion.
Bobby Gupta and his team at Murphy Salisbury accountants in
Stratford conducted a comprehensive financial due diligence
exercise and advised on the tax aspects of the transaction.