Aliter Capital (Aliter), a private equity buy and build specialist in the support services sector, is pleased to announce that it has agreed the sale of its shareholding in North Group SP (North) to Livingbridge.
The management team will continue to work in North and will reinvest part of their proceeds in the Group. The sale of North marks the first exit from Aliter’s maiden 2017 fund and delivers a strong return for investors.
North is a highly technical integrated technology specialist delivering end-to-end networking and IoT application design, implementation, support, and managed services throughout the UK. North prides itself on driving innovation and leading the industry in adoption of emerging technologies. Led by CEO, Glen Williams, North has over 270 staff, of which around 160 provide technical services.
Through the transformational acquisitions of both Boston Networks (2018) and Pinacl (2019), Aliter combined five businesses in total and partnered with North’s management team to support the Group’s continued development against the backdrop of a global, high-growth market for intelligent integrated technology solutions that improve the performance and safety of people, organisations and places.
Glen Williams, CEO of North, says: “The last year has seen tremendous change and growth for North and saw five businesses brought together to form an established player, well positioned to take advantage of growth opportunities. Aliter’s support and guidance has been invaluable. We are now looking forward to building on our success with Livingbridge who have recognised the potential of our business”.
Greig Brown, Founding Partner at Aliter Capital, says: “North has been a fantastic journey for Aliter, providing a first-class example of our buy and build approach and delivers a great result for investors with our first exit from Fund I. We started the North journey in 2018, successfully integrating five businesses over the period to create a major player within the UK IOT and network connectivity space. It has been a pleasure working alongside such a high-quality management team. We have no doubt North will continue to prosper and wish the team and Livingbridge every success in the years ahead.”