Alcuin invests in Servelec Controls MBO

The deal is a partial divestment for Montagu, which completed the £223.9m take-private of Servelec in January 2018. 

Financial details of the transaction remain undisclosed, though Alcuin typically writes equity cheques of £2-15m. The GP is currently investing from £150m vehicle Fourth Alcuin Fund, which held a final close in 2015.

The company will pursue potential bolt-on acquisitions in adjacent and complementary markets under its new ownership model.

The deal comes three months after Alcuin acquired a majority stake in travel agency On The Go Tours.

Company
Founded in 1977, Sheffield-headquartered Servelec provides outsourced systems integration engineering for the energy, infrastructure and defence systems, in addition to related hardware and software. The business operates from four offices across the UK and has a headcount of 150.

Servelec generated a turnover of £11.2m in 2017, according to publicly available documents.

People
Alcuin Capital Partners – Graham Morrison (investment director).
Servelec Controls – Andrew Mills (managing director).

Advisers
Company – Park Place Corporate Finance (corporate finance).
Vendor – Raymond James (corporate finance); Walker Morris (legal).

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