Aliter-backed Ipsum acquires Stormport
Apr 30, 2019
Ipsum Group Limited (Ipsum), backed by Aliter Capital (Aliter) ha completed its fourth investment with the acquisition of Stormport Professional Services Limited (Stormport). This is Ipsum’s second successful transaction of 2019, following the acquisition of EEG in February. Cambridgeshire-based Stormport, founded in 2009 by Steve Wright and Pete Hulyer, is a provider of electricity network asset installation, maintenance and repair services, and network connections to the DNO (Distribution Network Operator) and ICP (Independent Connections Provider) markets. Ipsum says the acquisition of Stormport will enhance its existing services and geographic footprint in the UK electricity sector and add new customer relationships with key DNOs. In addition, Ipsum believes that Stormport’s growing ICP presence is highly complementary to its existing business in that market. Steve Wright, Co-Founder and Managing Director of Stormport, says: “The main factor that attracted us to Ipsum is the strength of the management team. It’s quite evident that Ipsum is spearheaded by exceptionally entrepreneurial people with the track record, ambition and funding to allow Stormport, as part of a larger combined and growing group, to reach its full potential.”
Greg Fernie, CEO of Ipsum Group, says: “On behalf of Ipsum, I am delighted to have acquired a successful, market leading business like Stormport, which is highly complementary to our existing business. I look forward to working with the team to achieve further success in the future.”
Greig Brown, Partner of Aliter and Chairman of Ipsum, says: “We are very pleased with the progress being made on the Ipsum strategic plan. The addition of Stormport significantly increases Ipsum’s capabilities within the electricity market and we look forward to working with the Stormport management team.”
Aliter Capital announced the close of its specialist support services fund (Aliter Capital I, LP) in February 2017. Founded by a group of seasoned support services entrepreneurs and investors - Billy Allan, Greig Brown, Andy Galloway and Andrew Busby – it is one of the first funds of its kind and focuses on small and mid-sized businesses in the UK support services sector, a market valued at over GBP300 billion. Its approach differs from traditional private equity models by making only a limited number of selective portfolio investments to deliver dedicated hands-on support. Aliter has now closed a total of 11 transactions since the beginning of 2017.