We have advised Livingbridge-backed FluidOne, a market-leading provider of Connected Cloud Solutions, on its long-term refinancing package from Pemberton Asset Management (Pemberton) to fuel its ambitious plans to treble in size over the next five years.
Based upon recent research commissioned by FluidOne, the company operates in the UK business customer market that spends €43bn (£36bn) a year on IT, cyber, and communications, with a sweet spot for FluidOne services in the 100-2,500 employee space that is forecast to grow 8.8% a year over the next four years. FluidOne provides critical services in areas of high demand, particularly driven by digital transformation continuing the move of IT and voice applications to the cloud, where customers need trusted advice, high-quality technical support, modernised IT, cyber security, business intelligence, and advanced connectivity.
Since investment from Livingbridge in 2019, supporting an MBO led by CEO Russell Horton, the business has quadrupled in size with revenue growing to £109m on the back of eight acquisitions whilst delivering world-class customer service (NPS 89). The acquisition strategy has pivoted the business to be one of the UK’s leading IT and cyber security-led managed service providers with over 50% on its IT and cyber revenue mix and recurring revenues of over 70%. FluidOne combines IT and cyber, with connectivity, and communications to provide customers with Connected Cloud Solutions, enabling their staff to work from anywhere, simply, and securely.
Pemberton has provided facilities to support the refinancing and is providing a committed acquisition facility. This will provide funding for future strategic add-on acquisitions and support FluidOne’s plans to acquire multiple businesses a year, going forward.
