Business sells Servelec Controls via private-equity-backed MBO
SERVELEC, THE Sheffieldheadquartered technology and software business, has sold its systems integration business, Servelec Controls, through a private-equity-backed management buyout.
Backed by Alcuin Capital Partners, managing director Andrew Mills and the management team aim to turn the business into a stand-alone entity to lead the market in the UK systems integration industry.
Their intention is that a standalone Servelec Controls will be more agile in its approach in critical industries including oil and gas, nuclear power and defence.
The Servelec group, which was recently taken private from its previous listing on the London Stock Exchange main market, will still includes the current Servelec Technologies and Servelec (healthcare, social care and education) businesses.
Alan Stubbs, CEO of Servelec, said; “Under Andrew’s leadership during the past 18 months and the focus he has provided to the business, Servelec Controls has delivered a strong performance and has transformed into a strong business with a great team across four strategically located office locations.
“Servelec now moves forward as a blended business focused on the healthcare, social care and education business and Servelec Technologies, which delivers optimised automation across asset management for utility industries.”
Raymond James acted as financial adviser to Servelec and Walker Morris as legal adviser on the transaction.