Pictet Alternative Advisors' direct private equity team has bought Technology Services Group, a provider of managed IT services in the UK.
The alternative investment business of the Pictet Group acquired TSG from founders Sir Graham Wylie and David Stonehouse.
Pictet Group head of UK for direct private equity, Andrzej Sokolowski, said: “TSG has an attractive and defensible business model, a high proportion of recurring revenue, and customers who value its service quality and technical expertise across the Microsoft tech stack.
He added that Pictet sees “significant potential” to increase TSG’s growth organically and via M&A.
Sokolowski said this includes speeding up the use of AI tools.
Head of direct private equity at Pictet Alternative Advisors, Edmund Buckley, said the firm hopes to help TSG grow.
He added: "We invest in high quality businesses run by entrepreneurial leaders."
TSG
TSG is a Microsoft Solutions Partner for small and mid-sized businesses across the UK and specialises in delivering IT solutions within the Microsoft ecosystem.
It also helps businesses transition to cloud-based IT infrastructure.
TSG chief executive, Rory McKeand, said: “Pictet’s investment and hands-on partnership will catalyse the next stage of our growth."
The company is based in Newcastle and has more than 250 employees across offices including in London and Glasgow, it serves 1,300 clients.
tom.dunstan@ft.com
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