LDC sells Connect Managed Services to Apiary-backed G3

The returns generated from the sale remain undisclosed, though LDC said in a statement that the business tripled its revenues during the firm's holding period from £10m to £30m.

The transaction is the first bolt-on acquisition by G3 since Apiary acquired a majority stake in the unified communication and network integration business in March 2019, a deal that included capital earmarked for acquisitions. The newly consolidated group will have a turnover of £55m.

Connect itself pursued an acquisitive growth strategy under LDC – acquiring PC-1, Cool Harbour and US-based UVN – in addition to investing in the development of its technology platform. The business increased its headcount by 225% to 180 during the tenure.

Previous funding
LDC backed the management buyout of Connect (then known as Connect Communications) in 2014.

Company
Founded in 1992 and based in London, Connect is a developer of call centre software and a provider of related services. The company's software identifies technical faults, which can be quickly rectified.

People
LDC – Chris Coulton (portfolio director).
Connect Management Services – Alex Tupman (CEO).

Advisers
Vendor – HMT (corporate finance); BDB Pitmans (legal).

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• Topics
• Portfolio management
• Exits
• UK / Ireland
• Technology
• United Kingdom
• LDC
• Trade sale
• Build-up
• Apiary Capital