Multi-award-winning tech company FluidOne has made its third acquisition in twelve months – with assistance from Hazlewoods Corporate Finance team.
FluidOne, a market-leading provider of ‘connected cloud’ services, including IT and cloud-managed services, cyber security and connectivity, has acquired Brighton-based IT managed service provider Computer and Network Consultants Ltd (CNC).
This strategic acquisition gives the company access to a new customer base on the south coast and takes annual revenues to £37m for its Business IT division, which serves small and medium sized business, and annual revenues for the group to over £100m.
Russell Horton, CEO of FluidOne, said he was, ‘impressed with the excellent service CNC deliver and the strength of relationships that the team build with their clients.’
The acquisition increases the number of FluidOne Business IT division customers to 1,100 and staff headcount to 167, with the group’s 440 staff now serving over 2,300 customers across its four centres of excellence (Enterprise IT, Business IT, Cyber Security and Telecoms)
CNC was founded in 1995 by Graham Lind and Gary Jowett, who will continue to lead operations in Brighton.
Graham, managing director of CNC, said: ‘We see a great opportunity to build CNC as the trusted local IT provider whilst benefiting from expert overlay in connectivity, mobile, unified communications and cyber from the wider FluidOne group.’
Hazlewoods corporate finance partner James Whittaker and manager Cameron Powell provided financial and tax due diligence services on the transaction.
They have worked on all of FluidOne’s recent acquisitions including Highlander Computer Solutions in January, followed by project five in April.
James said: ‘FluidOne is a dynamic business with a fantastic leadership team and an exciting strategy for growth. It has been a pleasure to work with them on all three deals, which have increased not only the geographical locations of the business but also its in-house expertise.
‘I wish them every success with integrating CNC into their business and their continuing M&A strategy.’
Roy Hastings, CFO of FluidOne, said, ‘We are very grateful for the enthusiasm and expertise of James and Cameron, who took every challenge in their stride and made this acquisition a success. We look forward to working with them on our next transaction.’
If you are considering acquiring a business and would like to find out more about the process, please contact james.whittaker@hazlewoods.co.uk.