Former North East Company of the Year, Aspire Technology Solutions has secured significant minority investment from LDC, the UK's leading mid-market private equity firm, in a transaction which values the business at £85m
Aspire is one of the fastest growing IT managed service and cyber security 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-on-Tees, and employs more than 200 people.
Aspire is currently delivering plans to create more than 150 North East jobs across its recently opened HQ, based on the site of the former iconic Baja Beach Club at Gateshead Quays, and a new base at Fusion Hive, a business and innovation centre based on Stockton’s Northshore.
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.
In addition to their suite of IT services and support, Aspire have also invested heavily in cloud and cyber security as part of their manged services offering.
Their new self-service, industry leading cloud platform, ensures customers benefit from all the efficiencies that transition to the cloud can offer, whilst keeping them at the cutting edge of innovation. Meanwhile their own Security Operations Centre, set to launch in the coming months, will be equipped with next generation cyber security intelligence, proactive monitoring, and advanced threat detection.
LDC’s partnership will support Aspire’s management team, led by Chris Fraser, to pursue organic growth and acquisition opportunities. The management team is aiming to broaden the business’ suite of services and expand further into markets across the UK.
Chris Fraser, CEO at Aspire Technology Solutions said: “Working with a leading investor that’s right on our doorstep in the North East was really important to us. LDC has an extensive history of supporting businesses just like ours to grow.
“Gareth, Mike and Naomi at LDC are passionate about helping us to deliver on our vision to provide cutting edge technology to our clients. The investment marks a new chapter for Aspire which will enable us to move to the next level. It’s such an exciting time.” 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.
“We can see a real opportunity to support the growth of Aspire across the UK and we’re excited about working with the management team to deliver on this.” Aspire was advised by Clearwater International and Muckle (legal).
LDC was advised by PwC and Cavu (corporate finance), Womble Bond Dickinson (legal), KPMG (financial due diligence).