RJD Partners backs Intrinsic buy-out

Mid-market private equity investors RJD Partners have backed the £30 million buy-out of Intrinsic Technology from its founder and majority shareholder Allan Gauld.

The buy-out is being led by the chief executive of the IT services company Mike Mason, who joined the business at the end of 2009.

Mason has led a number of exits in the IT and communications sector.

Frank Bulman is a partner at RJD Partners and is set to join the board of Intrinsic. He says that Mason has a ‘track record of value creation in the IT services sector’, and adds that Intrinsic sits in ‘an attractive market with excellent growth potential’.

The deal is being funded through a combination of management re-investment, equity investment, provided via funds managed by RJD, and debt facilities provided by HSBC.

Gaul will retain an equity stake in the business, according to a statement.

Mason explains that Intrinsic plans to take advantage of the ‘organic growth and acquisition opportunities presented in a dynamic but fragmented market’.

Lancashire-based Intrinsic has offices in London, Glasgow and Haydock, and employs over 125 staff.

It delivered turnover in excess of £27 million in the year to 30 November 2010.

RJD has raised over £250 million in private equity funds and typically invests between £10 million and £75 million in companies in the UK service and leisure sectors.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

Related Topics

Early Stage Funding