• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deal search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
      • Deals search
      • Exits search
      • Funds search
      • Sponsors search
      • Advisers search
      • LPs search
      • League tables
      • Reports
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
UNQUOTE
  • Exits

Mayfair Equity Partners poised to launch Nasstar sale in 1Q24

  • Dominic Pasteiner , Rachel Lewis , Kezia Joseph and Charlie Taylor-Kroll
  • 21 August 2023
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

The sale of Mayfair Equity Partners-backed ICT service provider Nasstar is likely to launch early next year, three sources familiar with the matter told this news service.

Mayfair is looking to kick off the auction in the first quarter of next year, although no final decision has been made on the timing of the process, the sources said. The vendor has started initial conversations with potential bidders to gauge interest in the asset, a sector banker tracking the situation said.

The sponsor hired Raymond James to marshall a strategic review of Wakefield, West Yorkshire-headquartered Nasstar last year.

The asset is expected to be marketed off GBP 40m-GBP 50m EBITDA, one of the sources and the banker said. However, another source suggested it is too early to guarantee marketed figures; the company's current EBITDA is closer to mid to high GBP 30m, this source said, noting that Nasstar still has a distance to go on its digitalisation journey.

In 2021, Nasstar generated GBP 23.3m EBITDA off GBP 161.2m revenues, up from GBP 22.1m EBITDA off GBP 113.8m revenues the previous year, according to financial filings.

Mayfair could explore an off-market transaction prior to the launch of a formal sale process and would be receptive to preemptive bids, one of the sources and the sector banker said.

In the event of a sale, the company could be valued at GBP 600m, a second sector banker said. Logical suitors include larger sponsors and international strategic investors looking to enter the UK, this banker added.

The company generates more than GBP 200m in annual sales at present, according to Mayfair's website.

Mayfair backed the management buyout of IT services provider GCI in May 2018, and has since pursued a roll-up strategy, buying local peer Modality Systems in June 2018 before agreeing to acquire Nasstar in a take-private deal for GBP 79.4m in December 2019 and merging the businesses under the Nasstar brand.

More recently, Nasstar agreed to purchase UK-based KCOM's national ICT business in June 2021, and local cloud consultancy service provider Colibri Digital in February this year.

The company has a Likely to Exit (LTE) score of 51, according to Mergermarket's predictive algorithm*

Nasstar provides a range of information and communications technology (ICT) services, including managed IT services, cloud services and cybersecurity, to help corporate and public sector customers with digital transformation, according to Mayfair's website.

The company has more than 1,000 employees with presence in the UK, the US and Malaysia. Its customers include Jaguar-Land Rover, Center Parks and Sainsbury's Bank, per its website.

A representative for Mayfair Equity declined to comment. Raymond James and Nasstar did not respond to requests for comment.

*Mergermarket's LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Exits
  • Technology
  • UK / Ireland
  • Mergermarket
  • Mayfair Equity Partners

More on Exits

Partners Group to release IMs for Civica sale in mid-September
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • Exits
  • 04 September 2023
Actera Group explores strategic options for Celebi Ground Handling
Actera Group explores strategic options for Celebi Ground Handling

Several investors placed bids for the company in 2022 but mismatch in pricing didn't lead to a deal

  • Exits
  • 30 August 2023
Norstat owner Triton Partners explores sale via William Blair
Norstat owner Triton Partners explores sale via William Blair

GP has owned the Norway-headquarterd market research business for almost four years

  • Exits
  • 25 August 2023
IK Investment-backed Eres expected to hit the auction block by 2024
IK Investment-backed Eres expected to hit the auction block by 2024

French employee savings distribution and management firm could be valued at a few hundred million euros

  • Exits
  • 24 August 2023

Latest News

Partners Group to release IMs for Civica sale in mid-September
  • Exits
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions
  • Investments
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • 01 September 2023
Redalpine expands leadership team amid CHF 1bn-plus fundraise
  • Venture
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • 31 August 2023
Change Ventures aims to hold final close for EUR 20m third fund by mid-2024
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds

  • 31 August 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013