LDC acquires minority stake in Foundation SP

The firm paid £1m for the stake and has been in contact with the company's management team for 16 months, according to a statement. This transaction also marks the LDC South team's third new deal of the year, following investments in James & James in March 2020 and Aker Systems in July 2020.

Foundation SP will explore both organic and inorganic growth strategies following the deal.

LDC has backed the company's existing management team, led by Simon Grosse as CEO, Simon Walker as chief customer officer and Tim Ebenezer as chief digital officer. Also joining the board as non-executive chair is Sharon Baylay.

Company
Headquartered in Reading, Foundation SP is a digital transformation consultancy to large enterprises and public sector organisations. It provides advice on cloud infrastructure, productivity, data and artificial intelligence alongside managed services to clients across a range of sectors. The company employs 80 people and was founded in 2011.

People
LDC – Chris Morris (investment director); Lawrence Dean (head of south).

Advisers
Equity – James Cowper Kreston (financial due diligence); Shoosmiths (legal); Armstrong Transaction Services (commercial due diligence); BDO (financial due diligence).
Company – PwC (financial due diligence); Gateley (legal); Frazer Hall (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Minority investing
• United Kingdom
• LDC
• BDO LLP
• PwC