RJD backs £30m MBO of Intrinsic Technology

The transaction has been led by Mike Mason, Intrinsic's chief executive. Corporate finance firm Ballard Evans led the sales process and approached a limited number of private equity houses. RJD was attracted to the deal because they believe Mason has a strong track record and that the company has significant growth potential. Equity for the transaction was provided by RJD Private Equity Fund II, which raised £180m at final close in July 2007.

Intrinsic's growth strategy going forward revolves around organic growth and add-on acquisition opportunities in a fragmented market. A key area where RJD sees potential growth is further integration of Dataplex, which Intrinsic acquired in December 2010. Intrinsic's geographical strength is currently the north of England and Scotland, and opportunities to expand in the south of England.

Debt
The transaction was supported by a debt package provided by HSBC.

Company
Intrinsic Technology was founded in 1999 and is a communication and ICT solutions provider in the UK. Based in Haydock, the company also has offices in London, Thames Valley and Glasgow.

Employing more than 125 staff, the company generated a turnover in excess of £27m in 2010 and is forecast to generate revenue of £40m in 2011.

People
Frank Bulman and Jill Williams worked on the deal for RJD Partners.

Advisers
Equity - Investec, Andrew Pinder, Paul Bail (Corporate finance); DLA Piper, Jim Lavery, Nick Roome (Legal); KPMG, Phil Abram, Chris Woodland, (Financial and commercial due diligence); Heath Lambert, George Minoprio (Insurance due diligence); The Quinn Partnership, Paul Quinn (Management due diligence).
Vendor - Ballard Evans, Jon Ballard (Corporate finance); Napthens, Keith Melling (Legal).
Management - Semple Fraser, Simon Wallwork (Legal).

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