UK - Owner Venture Managers backs IT MBI

The company, along with its subsidiaries, has been sold by its owners to an OVM-led management buy-in consortium. Owner Venture Managers is now the largest single shareholder in the company. The deal is being supported by a £8m debt package from Lloyds TSB Commercial Finance.

One of the other investors, Warwick-based Nick Ellis, who has more than 25 years of experience in the IT industry, has taken over as managing director, with former managing director Tony Davis moving to the post of finance director.

Elcom’s head office and logistics centre is in Slough, with a sales, marketing and procurement office in Basingstoke. The company employs 80 staff. The group’s turnover in 2005 was £50m, which is forecast to increase as a result of the expansion strategy.

IT company Elcom was founded in the 1980s. Following the MBO of the company in 2002, it has focused on the sale of software and hardware products and related services to business customers, particularly through its 'Starbuyer Gold' e-procurement system.

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• UK / Ireland
• Technology