Primary Capital exits Esteem Systems after 14 years

Financial details surrounding the sale remain undisclosed.

Primary Capital backed the MBI of Esteem in 2004 via its Primary Capital II fund. The vehicle closed in February 2002 at £100m – Esteem was the last remaining business in its portfolio.

The company made two key acquisitions under Primary Capital's tenure: Access Computing and Sirvis, the latter of which was partly financed with an extra £4m injection from the GP in 2010, according to Unquote Data.

Roc Technologies is a UK-based business aiming to deliver digital transformation to public- and private-sector organisations, including customers in the defence, justice, energy, pharmaceutical and legal sectors. 

According to a statement from the buyer, the combined business will have projected 2019 revenues of £80m, EBITDA of 9% and 350 employees.

Company
Esteem was founded in 1985 and specialises in the provision of services for IT infrastructure. The Woking-based business generated revenues of £36m with a £2m EBITDA in the year to June 2017. More recent financials could not be obtained, although Unquote understands recent results to be in line with the 2017 figures.

According to Primary Capital, the company's profitability has more than doubled since the 2004 buyout.

People
Primary Capital – Rob Foreman (partner, chief investment officer).

Advisers
Equity – Lincoln International (M&A); Cooley (legal).

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• Topics
• Exits
• UK / Ireland
• Technology
• Primary Capital
• United Kingdom
• Trade sale