ISG Webb sold for £17m
Private equity-funded MBO
ISG Webb, the UK-based networking reseller, has been sold to its managers and Royal London Private Equity for £17m.
The changing of the guard gives the founding shareholders an exit route, and it also brings some new money – amount unspecified – to the table, enabling the firm "to pursue strategic growth opportunities in the IT services sector". Lloyds TSB Acquisition Finance is supplying debt funding, amount unspecified, for the transaction.
RLPE will take a majority stake, again unspecified, in the business, joining three directors, who have run ISG Webb since 2001. Peter Maclean, former chief executive of Guardian iT, has been appointed chief executive.
ISG Webb employs 220 staff in Scotland, Manchester, Birmingham and Sevenoaks, Kent (where it has its headquarters) and it specialises in IT plumbing contracts - cabling and infrastructure stuff such as installing 7,000 wireless access points for a supermarket chain. The company has several vendor plaques, including Cisco, IBM, Microsoft, HP and a lot of cabling guys. It cheerfully boasts that its business does not set the heart racing. On its website, it says:
Press coverage about ISG Webb does not tend to make the most fascinating reading. That's the problem with trying to make the world a duller place.