Aliter kicks off third platform with Boston Networks deal

Greg Gille
23 January 2018

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UK-based GP Aliter Capital has acquired Boston Networks, a Glasgow-based IT specialist.

Financial details were not disclosed. Aliter said it would "actively" look to acquire growing companies as bolt-ons to the platform business, with the aim of developing a group of fire, security and data networking businesses.

The deal establishes a third platform and is the sixth transaction that Aliter has made since closing its fund dedicated to investing in the support services sector at the beginning of 2017.

Aliter Capital I was launched in 2016 by managing partner Billy Allan, Greig Brown, Andy Galloway and Andrew Busby, who have all had previous entrepreneurial or investment experience in the support services sector. Busby was notably a deal-maker at HIG Capital between 2007-2013. The maiden fund closed on its £92m hard-cap in February last year.

Aliter makes majority investments of up to £20m per target company, with enterprise values in the £10-50m range.

Earlier in January this year, Aliter acquired Specialist Power Engineering Contracts, the second bolt-on acquisition made through its holding company Ipsum Group. The GP's other buy-and-build platform is technical services group Edwin James Holdings.

Company
Boston Networks provides IT network infrastructure with a focus on fire, security and smart building systems. It is headquartered in Glasgow and has a customer base that in turn provides services to both private and public sector customers, predominantly in Scotland and the north of England.

The business was founded in 2000 and employs 90 staff. Boston Networks is exempted from filing full accounts with the UK's Companies House, suggesting annual turnover of less than £10m and/or a balance sheet total of less than £5m.

People
Aliter Capital – Greig Brown (partner).