Muckle advises on MBO of TSG
Lawyers from our corporate team advised the Technology Services Group (TSG) leadership team on its management buyout, including a significant private equity investment from Pictet Alternative Advisors.
The firm’s CEO, Rory McKeand, and his leadership team have partnered with Pictet to acquire the business from Sir Graham Wylie and other shareholders. Executive chairman David Stonehouse and Sir Graham, who co-founded TSG in 2003, will now step away from the business.
Double-digit growth
The deal marks the next phase of TSG’s expansion, which has seen the company record double-digit growth in both turnover and profits in recent years, while its employee numbers have also soared to more than 250 staff. The group was originally launched in Newcastle but moved its head office to its Kingsway base in 2021, and it also operates offices in London and Glasgow.
The business has established itself as a leading Microsoft Solution Partner, helping organisations to invest in technologies while also helping clients, who are spread across the UK and operating in various sectors, in their transition to the cloud.
Accelerate organic growth
Rory McKeand, CEO of TSG, said: “This transaction is fantastic news for all those associated with TSG. It reflects not only the diligence of our hardworking staff but also the loyalty of our customers and partners who’ve collectively underpinned our success to date. Partnering with Pictet preserves all employment and will allow us to accelerate organic growth and seek opportunities for future strategic acquisitions.
“We intend to build on the company’s previous successes over the last two decades and we’ll continue to help organisations unlock the value of technology as we strengthen our position as the UK’s leading mid-market business tech partner. Ultimately, it will be our people that will benefit from this landmark deal with the introduction of an Employee Benefit Trust where all employees can become a shareholder in our business.”
Corporate partner Philip Clare, who advised Rory McKeand and the management team, alongside partner Adam Rayner said: “We were delighted to help Rory and the team with this deal. The acquisition, backed by a significant investment by Pictet, is an important milestone for the business and provides a great platform for the business to continue with its growth. .”
For more information or support with your corporate legal needs, please contact Philip Clare on 0191 211 7971 or email [email protected]