An IT services provider has secured private equity investment as it looks to expand its operation through new acquisitions.
Solihull-based Acora has secured the undisclosed investment from Palatine Private Equity.
Acora, which has traded for more than 25 years, specialises in providing a range of IT support and cloud solutions to help mid-market organisations modernise infrastructure and operate in the digital economy.
Chief executive David Rabson acquired the business through a management buyout in 2008 since when it has grown to have a 300-strong client base and 300 staff across three offices.
He said: “We are extremely pleased to be joining forces with Palatine.
“Our collective ambition is well-aligned which will benefit the Acora business, its people and as importantly its customers alike.
“The key focus now is to continue to develop and grow our capabilities to support our loyal staff and customer base.
“We anticipate making further corporate announcements throughout 2020.”
Tony Dickin, partner at Palatine Private Equity, added: “We are delighted to have completed our investment in Acora.
“Throughout the process we have continued to be impressed by the quality of the senior management team, the strategy they have developed and the foresight they have shown in investing in high quality people and processes ahead of growth.
“The business has transitioned from its roots as a service desk provider to now offering best-in-class cloud transformation and ongoing support services to its clients.
“We look forward to supporting the team’s value creation strategy going forward, specifically in helping the team convert the pipeline of buy and build opportunities they have highlighted.”
Senior debt funding for the transaction was provided by Shawbrook Bank.
Armstrong, Cyberfort, Gateleys, Raymond James, RSM, Spectrum Corporate Finance and Xaeus Blue all advised on the deal.