Livingbridge backs management buyout of ECS Security

Financial details of the transaction remain undisclosed, though according to publicly available documents, ECS Security generated an operating profit of £4.4m from a turnover of £26.3m in 2017. Livingbridge is currently investing from Livingbridge 6, a £660m buyout fund that typically invests in businesses with enterprise values of £20-75m.

Following the deal, which was led by ECS managing director and co-founder David Calder, and chief technology officer and co-founder Nathan Dornbrook, the business will rebrand as Adarma.

Bank of Scotland provided a debt package to support the transaction.

Company
Founded in 2012, Edinburgh-headquartered Adarma is a provider of IT consultancy services related to cybersecurity. It specialises in in-house, co-managed and fully managed security operations centre design, build and operation. The business has a headcount of 250 and a number of FTSE 250-listed clients; its 20 largest clients have a combined turnover of around £150bn, according to a statement.

People
Livingbridge – Matthew Caffrey (partner); Matt Jacobs (investment director); Charlie Ross (investment team).
Adarma – David Calder (managing director); Nathan Dornbrook (chief technology officer).

Advisers
Equity – BDO, Robin Brown (corporate finance); Pinsent Masons, Amie Norris (legal); Altman Vilandrie & Co, Ben Matthews (commercial due diligence); PwC, Jonathan Cooper (financial due diligence, tax).
Company – Oakley Advisory, Anthony Yaneza (corporate finance); Brodies, Doug Crawford (legal); Shepherd & Wedderburn, John Morrison (legal).

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• Topics
• Buyouts
• UK / Ireland
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• Livingbridge
• BDO LLP
• Pinsent Masons
• PwC