Eurotech was established in 1984 and deliver a range of IT support and maintenance services including software management, network and data security, hardware solutions and cloud telephony support. The business relies on a small dedicated team who provide a high level of customer service. In addition to this Eurotech is a CISO partner. This has led to Eurotech gaining an excellent reputation and blue chip clients including a Premier League Football club. Overall the business sees high levels of customer retention, as well a strong growth through new customers.
The majority shareholder of Eurotech directed KBS Corporate with the sale in order to facilitate their retirement plans. The other two shareholders will remain in their current roles to assist the new owner.
KBS Corporate implemented a diverse research strategy with a firm focus on trade buyers. This resulted in 44 NDAs and 5 offers. A deadline was put in place in order to receive the most competitive offer for Eurotech. This created an uplift in final bids which was further improved during negotiation.
The ultimate buyer was Equity Networks whose key services include the management of communications, cloud applications, cloud infrastructure and security. The business pride themselves on their flexible personable approach which has been upheld since 2010. Equity Networks’ motivation for sale was to allow the expansion of their client base and increase their market share.
The buyer, Equity Networks is experiencing a period of strong and sustained growth and has plans for further acquisitions over the next 3 years to hit their £10m recurring revenue target.
Fabio Rambelli, Associate Director at KBS Corporate advised our client throughout the deal and commented,
“The deal has allowed Tim Bulmer of Eurotech to take a closer step to retirement and ensures that his company will continue to prosper under the guidance of Equity Networks. I can say that is has been a pleasure working with the Sellers and the Buyers and wish all parties the best of luck in their future endeavours.”