LDC supports MBO of Connect Communications

Amy King
15 April 2014

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LDC has backed the management buyout of London-based managed telecommunications firm Connect Communications.

The company will use the funding to invest in its technology and service portfolio, and to expand its customer base in the UK and across the EMEA region.

Connect Communication's existing management team retains a significant shareholding in the business, alongside entrepreneur Alex Tupman, who has been appointed CEO of the firm.

As part of the transaction, two of the company's co-founders have fully exited the business.

The deal is LDC's sixth completed this year. Last year, the investor committed more than £409m across 22 investments.

Company
Founded in 1992 and based in London, Connect operates unified communications and call-centre software technology services. The company's software identifies technical faults, which can be quickly rectified.

Customers range from SMEs to multi-site and multinational enterprises. Its customer base includes financial services companies, law firms, technology companies and businesses in the hospitality sector. Barclays, Coca-Cola and HP all use the firm's technology.

Connect employs 55 members of staff and has offices in London, Paris and Frankfurt. Turnover stands at around £10m.

People
LDC's Reading team worked on the deal. Managing director Yann Souillard led the transaction, alongside investment director Alex Clark and investment manager Sarah Ledwidge. Souillard and Clark will join the board of directors at Connect with immediate effect.

Advisers
Equity – Shoosmiths (Legal).
Management – Steve Bartlett Corporate Finance (Corporate finance).