PwC Deals have advised LDC, the UK’s leading mid-market private equity investor, on their significant minority investment in Aspire Technology Solutions (Aspire) a transaction which values the business at £85m. PwC provided Lead advisory and Debt & Capital Advisory services to LDC. PwC TS also provided Vendor Due Diligence and Tax Services to Aspire.
Aspire is one of the fastest growing IT managed service and internet service providers in the UK and was launched 15 years ago by CEO, Chris Fraser. The company now has multiple offices in locations including Gateshead, London and Stockton-upon-Tees, and employs more than 200 people.
With a large network of UK customers, Aspire delivers leading technology solutions across a range of applications including cloud, connectivity, voice, technical support, and cyber security. Its full fibre network provides bandwidth speeds of up to 100 gigabits per second – some of the fastest connectivity speeds available in the UK.
The business has scaled rapidly with revenue rising to £30m in the last 12 months of trading, growing more than 48% over the past three years.
PwC Corporate Finance acted as lead financial adviser to LDC - with the lead PwC team advising on the deal consisting of Dan Gallagher, Asim Iqbal, Charlotte Tracy, Chris Whitehead, Kay Sin, Matt Brindley & Cameron Adamson. PwC debt advisory services were led by Adam Horey & Dean Stoyanov supported by Rory Buchanan & Lizzie Bosson.
PwC TS VDD services were provided by Jon Cooper, Kevin Barnard, Ben Davison, Peter Wright & Dan Burton. PwC Tax services were provided by Richard Podd & Saff Geldart.
Gareth Marshall, Partner and Head of North East at LDC, said:
“Aspire’s growth, especially over the past three years, is a true testament to the ambition of Chris and his team. Together, they have created a market-leading tech business that the local community here in the North East is incredibly proud of.”
Daniel Gallagher, Head of TMT Corporate Finance at PwC, said:
"This is another example of investment in a hugely successful and high growth technology business, and we see no sign of this trend stopping throughout 2022. We are delighted to have supported Gareth and LDC on their investment into Aspire, and look forward to seeing their partnership propel the business forward in the future."
Chris Whitehead