Aliter-backed Ipsum buys SPEC

The value of the transaction has not been disclosed but the combined group expects to generate revenues of £23m and employ 175 people.

Aliter began the buy-and-build strategy in the national utilities and infrastructure service sector in February 2017 with the buyout of Complete Asset Life Management Solutions (CALM). 

The GP drew capital from its £92m maiden fund to support the transaction; Aliter Capital I closed in February 2017. So far it has made two platform investments, Ipsum Group and Scottish engineering company Edwin James Holding. 

Company
SPEC is a specialist engineering business that provides a range of critical services on high-voltage switchgear and substations for clients with private networks. Headquartered in Wakefield, SPEC has branches in Aldershot, Bromsgrove, Newcastle and Oxford, and currently employs 89 people.

People
Aliter Capital – Greig Brown (partner).
Ipsum Group – Greg Fernie (CEO).

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• Topics
• Expansion
• UK / Ireland
• Support services
• United Kingdom
• Aliter Capital
• Build-up
• Buy-and-build