A new IT managed services buy-and-build platform has been established by Alex Heslip and Chris Earle (formerly Group Sales Director and CEO of Verastar) in partnership with Independence Capital, kicking off with the acquisition of Microsoft partner RISC IT Solutions and its 750 customer base.
The group, which will carry forward the RISC IT name, will be headed up by Heslip as CEO with Earle taking a non-exec Chairman role.
The pair scaled Verastar from £16m EBITDA to £40m in under 10 years before exiting via a secondary buy-out led by Vitruvian at a valuation of over £430m.
Heslip stated: "When we left Verastar we spent a period of time assessing the market and identified an opportunity to build an alternative service provider that specialises specifically in SME businesses. Our acquisition of RISC IT forms the bedrock from which the group will accelerate."
RISC IT founder Paul Roberts and co-owner Joanna Stewart exit the business but remain as founding shareholders in the group.
Risc IT MD Jeremy Keane and Business Development Director Mark Lawton remain in post and are also founding group shareholders.
"This is less an acquisition in the traditional sense and more a partnership focused on future growth plans," added Heslip.
Independence Capital MD Max Ward commented: “Alex and Chris have a proven playbook and we have constructed a structure that enables autonomy and incentivises. With a full M&A pipeline already built we will soon report on additional deals."
Pictured: Alex Heslip, Jeremy Keane and Mark Lawton