Tech company Aspire secures growth investment from LDC
March 16, 2022
Aspire Technology Solutions has secured significant minority investment from LDC in a deal that values the business at £85 million.
Launched 15 years ago by chief executive Chris Fraser, Aspire provides IT managed service and cybersecurity support
It employs more than 200 people – with plans to create another 150 North East posts – running offices in Stockton and London, and a new headquarters in the formerBaja Beach Club at Gateshead Quays.
Bosses say its partnership with mid-market private equity firm LDC will support its management team’s pursuit of growth and acquisition opportunities across new markets in the UK.
The business has scaled rapidly, with revenue rising to £30 million in the last 12 months of trading, growing more than 48 per cent over the past three years.
Chris said: “Working with a leading investor that’s right on our doorstep in the North East was really important to us.
“LDC has an extensive history of supporting businesses just like ours to grow.
“The investment marks a new chapter for Aspire which will enable us to move to the next level. It’s such an exciting time.”
Gareth Marshall, partner and head of North East at LDC, said: “Aspire’s growth, especially over the past three years, is a true testament to the ambition of Chris and his team. Together, they have created a market-leading tech business that the local community here in the North East is incredibly proud of.
“We can see a real opportunity to support the growth of Aspire across the UK and we’re excited about working with the management team to deliver on this.”
Aspire was advised by Clearwater International and Muckle (legal).
LDC was advised by PwC and Cavu (corporate finance), Womble Bond Dickinson (legal) and KPMG (financial due diligence).