IT support firm 'on growth charge' after £200 million funding deal

An IT firm is targeting growth after securing £200 million support.

Aspire Technology Solutions has been backed by minority investors LDC and Federated Hermes.

Bosses at the Gateshead-headquartered operator say the funding will “accelerate its expansion and support an ambitious acquisition strategy”.

Founded in 2006, the firm, which has further offices in Glasgow, Leeds, Stockton-on-Tees and Kings Langley, near Watford, provides managed IT, cybersecurity, cloud, connectivity and unified communications services to more than 2000 organisations and 30,000 end users nationally.

And founder and chief executive Chris Fraser says its fresh backing – which builds on previous LDC support in 2022 and subsequent takeovers of Cloud Cover IT and CloudCoCo – leaves it well placed to meet a £100 million revenue target by 2030.

He said: “This investment marks an important new phase for the business.

“Our growth has always been driven by a clear focus on customers and delivering innovative solutions with exceptional service.

“LDC has supported our ambition since 2022, and their continued partnership as a lead investor, now alongside Federated Hermes, gives us the platform to move forward with confidence.

“Our direction is clear: we will continue to scale through sustained organic growth and customer focus.”

The transaction was led by LDC’s Gareth Marshall, partner and head of North East and Scotland, and investment manager Emma Borrie.

Gareth added: “Since our initial investment, Aspire has more than doubled in size while successfully integrating two complementary acquisitions and maintaining the customer service standards that set them apart in the market.

“As lead investor, we’re excited to continue to support Chris and his team through this next phase.”

As part of the deal, Tim Hipperson will step down as non-executive chair, with David Murray taking on the role.

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