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Unquote
  • Exits

Endless’s Liberata sells Trustmarque for £57m

  • Amedeo Goria
  • Amedeo Goria
  • 22 June 2016
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Endless-backed Liberata Group has sold IT support service Trustmarque to listed corporate Capita for £57m.

As part of the all-equity deal, Capita acquired the business for £57m from parent company Ardbid, part of the Liberata Group.

According to a statement, Trustmarque is expected to achieve Capita's target post-tax return on investment of 15% in 2018.

Trustmarque

  • DEAL:

    Trade sale

  • VALUE:

    £57m

  • LOCATION:

    York

  • SECTOR:

    Business support services

  • FOUNDED:

    1987

  • TURNOVER:

    £191.9m

  • EBITDA:

    £7.3m

  • STAFF:

    620

  • VENDOR:

    Endless

Investment bank William Blair intermediated the transaction. According to press reports, Liberata started looking for a buyer in February 2016.

Previous funding
According to unquote" data, LDC acquired a significant minority stake in Trustmarque in August 2006. In June 2013, Dunedin backed the company's SBO from LDC and acquired a minority stake in the business for £43m.

In 2014, Endless acquired Trustmarque. Following the transaction, the GP merged the business with its portfolio company Trinity and consolidated the new company within Liberata Group.

Company
Established in 1987, Trustmarque focuses on support services for IT investment processes, as well as environment and system management reporting and business critical support. The business caters to both public and private sectors.

The company is headquartered in York and also has offices in Coventry, Sheffield, Edinburgh and London. It employs a staff of 620 and generated a turnover of £191.9m and EBITDA of £7.3m in 2015.

People
Endless – James Wolley (partner).
Trustmarque – Scott Haddow (CEO).
Liberata – Dermot Joyce (CEO).

Advisers
Vendor – EY (financial due diligence, tax); PwC (commercial due diligence); Pinsent Masons (legal); Moore Blatch (legal); Forty Two Consulting (tax).
Company – Squire Patton Boggs (legal).

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  • Trade sale

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