Horizon Capital readies Digital Space for sale

The sale is being prepared to launch in the second half of the year, one of the sources said, adding that the business is being marketed off GBP 15m 2022 EBITDA.

The latest public financials for Digital Space, formerly called Timico, show FY20 revenue of GBP 33.8m and FY20 Adjusted EBITDA of GBP 2.8m.

Horizon has looked to exit Digital Space for some time, with Mergermarket reporting in February 2021 that the sponsor had invited banks to pitch for a mandate. At the time, the asset was expected to be marketed off an EBITDA north of GBP 10m in an auction process, as reported.

Horizon Capital acquired the business in 2017 via an initial commitment of GBP 35m, according to Horizon's website. Under sponsor ownership, the business has made three bolt-on acquisitions, including that of Arcus Cloud Services, a cloud-based consultancy firm, which it acquired in 2020.

Digital Space provides managed IT services to mid-sized corporates in the UK. The business designs, implements and supports digital infrastructure including connectivity, unified comms, and hosting. The business, which has datacentres in Newark and Telford in the UK, serves more than 200 clients and employs over 250 across the country.

Horizon Capital, Oakley Advisory and Digital Space did not respond to requests for comment.

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• Topics
• Exits
• Technology
• UK / Ireland
• Horizon Capital (formerly Lyceum Capital)
• United Kingdom
• Mergermarket