Aliter Capital LLP, a specialist investor focused on small to mid-size UK support services businesses, has acquired the network connectivity and IT managed services provider ITM Communications Ltd (ITM).
The investment secures a third platform business in Aliter’s £134m second fund, Aliter Capital II, completed in December 2022.
Based in Milton Keynes and with 85 employees, ITM specialises in supporting ICT infrastructure with expert capabilities in five areas – cabled & wireless connectivity, physical infrastructure, converged IP, offsite staging and logistics, and site technical services.
ITM’s current management team of Mike Jackson, Mark Barber and Lynda Ayris, who led an MBO of the business in 2010, will remain in place, assisted by Aliter partner Greig Brown, who has joined the ITM board as a non-executive director.
ITM Director Mark Barber said: “We have been aware of Aliter for some time and having seen what they achieved with North, a business operating in sectors similar to ITM, we believe strongly the added support of the right investment partner with significant experience and resources will help us accelerate the next stage of ITM’s development.”
North, a networking and connectivity provider, was acquired by Aliter in 2018 and sold in 2021 after four acquisitions in three years had increased revenues to £45m and headcount to 265.
Greig Brown added: “ITM is a great example of the type of business we are looking to back, where we can use our sector expertise to support future growth. We have a strong track record in this sector and see clear potential to grow this business, both organically and through bolt-on acquisitions.”
www.itm.uk.com • www.alitercap.com
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