Westbridge exits ISG Technology

WestBridge has sold ISG Technology to Allvotec. No financial terms were disclosed. UK-based ISG is a provider of network design, deployment and management services.

PRESS RELEASE

PRIVATE equity house WestBridge has successfully sold portfolio company ISG Technology (ISG) to one of its channel partners, Allvotec, for an undisclosed sum.

ISG provides network design, deployment and management services for multi-site clients in the UK. The company has a strong UK presence in the retail and public sectors, and has long term, trusted relationships with many household names including Tesco and the Ministry of Justice.

WestBridge supported the management buyout of ISG in July 2016, paying £10.5 million. Since then, the company has grown both turnover and profitability, and professionalised under the stewardship of the management team led by Dave Gardner.
The WestBridge deal team comprised Valerie Kendall, founding partner, and Ed Minton, investment manager. Minton commented:
“The transaction has delivered its targeted returns. The combination of CEO, Dave Gardner, and Chair, Jonathan Mckay, has been an effective one, with the team improving operational efficiency and the quality and forward visibility of earnings.”
Kendall, who led the original MBO for WestBridge, said:

“We are pleased to have supported ISG during its growth and professionalisation phase. The synergies between ISG and Allvotec are strong, and we wish everyone involved continued success. The divestment marks the fifth successful exit from WestBridge’s first fund, so we are delighted.”

Jonathan Mckay, chairman of ISG, said:
“ISG has secured a very strong position in the structured cabling market through excellent customer service and sophisticated project management. We have now developed a strong alignment with Allvotec and are excited about the future success of the combined company, for our customers, partners and staff.”

WestBridge was supported on the divestment by Clearwater International (Carl Houghton, Wesley Fell-Smith and Finn O’Driscoll) and Capital Law (Tom Kelleher, Cath Golledge and Angelina Drljaca-Chandler).

About WestBridge
WestBridge has offices in London, Manchester and Cardiff. It typically invests between £10-£20m in ambitious UK businesses with enterprise values of between £15m and £40m.

About ISG Technology
ISG is a market leading provider of services for the design, deployment and management of enterprise network connectivity. It operates from a head office in Egham, with regional offices across the UK and a highly skilled project management office in Sofia.