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Changes at one of Apple's largest resellers Jigsaw24 has resulted from a change of ownership with a secondary management buy-out being lead by the firm's founder.Content Continues Below
Private equity player NorthEdge had owned the channel player for the past five years but has sold to a management team backed by fellow financial specialist Alcuin Capital Partners.
Roger Whittle, Jigsaw24's managing director and founder and John Hughes, finance and operations director, led the secondary management buy-out with the support of Alcuin. As a result of the deal the chief executive Marton Balaam is going to exit the business.
“It’s been an incredible five years. We are only at the start of the adoption of Apple and creative technology not only within the Creative Industry but also the broader Commercial & Enterprise business as “mobile first” is now reality and businesses have digital transformation at the top of their strategies," said Balaam.
"It’s been a pleasure to work alongside the Jigsaw24 management team and the wider Apple, Adobe and Avid community. I’d like to thank NorthEdge for their continued support and investment over the period and wish Alcuin and Jigsaw24 even greater success in the future," he added.
For NorthEdge the sale was led by managing partner Grant Berry and investment manager Andrew Skinner and the deal represented a 3.1x return on its initial investment.
“Jigsaw24 has achieved sustained growth since NorthEdge’s investment and has built an impressive client base, including some of the UK’s best known brands. Through organic growth and strategic acquisitions, we have expanded the business’ geographical presence and enhanced its offer for customers," said Skinner.
Reports that NorthEdge wanted to exit the business first surfaced last September.