Stone Group completes Souter-backed MBO

Execs at ICT services provider Stone Group have completed a MBO led by CEO Simon Harbridge and backed by Souter Investments.

The deal sees RJD Partners’ second fund, which backed the previous buyout in 2008, realise its investment and David MacLellan, Chairman and founder of RJD, has taken the role of Non-Executive Chairman at Stone.

Existing debt facilities have been refinanced with Shawbrook Bank.

Harbridge said: “We continue to grow strongly, adding net new customers in each of our vertical markets, while continuing to develop infrastructure solutions and services alongside our traditional hardware offerings, growing the value of each customer.”

John Berthinussen, Investment Director at Souter Investments, added: “We look forward to working with Simon and his team as they continue to drive organic growth and expand the breadth of Stone Group’s technology, service and support offerings, with the opportunity for both to be accelerated by M&A.”

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