NVM completes £10 million IT services MBO

NVM Private Equity (“NVM”) announces that it has completed a £10 million MBO of Trust Systems, a provider of networking consultancy and managed services focused on helping customers to make the most of their technology.

Trust Systems, which operates from its HQ in Cirencester, has built a loyal customer following in both the retail and transport sectors securing major contracts with many blue chip brands including Aldi, Holland & Barrett, Waterstones and National Express. The company also has a strong reputation in the delivery of enterprise solutions installing networks and performance monitoring with major partners including Ark.

The business was launched in 2007 and is led by Tom Stone and Mike Dowson who will remain significant shareholders in the business. Under Tom and Mike’s leadership the company has developed partnership accreditations with best in class OEMs such as Cisco, Samsung, IBM, Dell and BT, enabling them to bring innovative and transformational changes to their clients.
The company is well placed in the market through a unique offering of consulting, solution design, deployment and in-life management of networks and devices. Revenues in the business have grown strongly over the last few years with the company demonstrating more than 100% growth to the end of December 2020.

David Rolfe led the investment for NVM, with support from James Arrowsmith. Both David and James will join the Board.

NVM has appointed Ben Marnham as Chair. Ben brings a wealth of experience in the sector having previously led and co-invested in the £50 million MBO of managed service provider Timico in 2017, where he also served as CEO for two years. Prior to this he was Chair at Solar Communications, which exited successfully to Wavenet in 2018 and he was also one of the original team of four that grew Alternative Networks plc from a startup in 1994, to a turnover of £115 million and EBITDA of £16 million by 2012. Ben is currently Chair of Circle IT, Zest4 and Xperience Group.

Today’s investment is the eighth from NVM’s Private Equity Vintage III LP Fund and follows the announcement earlier this week of an £18 million MBO of Pareto Facilities Management.

Mike Dowson, Director of Trust Systems said “The Board of Trust Systems are delighted to see the completion of the agreement with NVM. Having significantly grown teams and business in the past few years and navigated the incredible challenges brought upon by the pandemic, Trust Systems is now in a fantastic partnership to further increase its market share. Trust Systems is fortunate to have a portfolio of loyal clients, many of whom will benefit from this investment as we continue to increase the teams of talented professionals who support them on a daily basis.”

Tom Stone, Director of Trust Systems said “Working with David Rolfe and James Arrowsmith of NVM throughout the deal process has been a great experience and one we are seeking to continue in the time
ahead. Furthermore, the immediate addition of Ben Marnham to the Board as Chair is a fantastic appointment and one which we trust will further underpin our current and future growth strategy”

David Rolfe, Investment Partner at NVM said “NVM backs great regional businesses led by ambitious management teams and the team at Trust Systems exemplifies the type of people we look to invest in. Mike and Tom have built a strong and rapidly growing business with great potential – we look forward to supporting them as they build even greater market share.”

Ben Marnham, Chair of Trust Systems said “I am delighted to be joining Tom, Mike and NVM at this exciting moment for the Trust Systems team. A strong growth profile and impressive technical expertise has created a solid foundation, and I am looking forward to working together to deliver accelerated growth.”