The Rigby Group has opted to sell of connectivity player FluidOne to Livingstone for an undisclosed sum ended a four year involvement with the business.
Fluidata was originally invested in by the Rigby Group in 2015 and the firm used that support to acquire OnePoint and became FluidOne in 2016, with the larger business becoming solely owned the privately owned Rigby Group at that point.
There will inevitably be some personnel shuffling following the Livingbridge sale with the founder of FluidOne and chairman Piers Daniell, stepping down along with Steven Rigby, Rigby Group COO and John Taylor, Rigby Group executive.
Those executive team running the business now includes CEO Russell Horton, CFO Hemant Patel and co-founder Chris Rogers (COO).
The SCC Group will still treat FluidOne as its preferred communications partner and continues to have a friendly relationship with the firm.
“We are delighted with the growth of the business over our period of ownership and are appreciative to Piers for his support in the transition from founder to a new management team," said Steven Rigby, group chief operating officer.
“We believe Livingbridge has a great business to take forward in the next chapter of its development and one which operates in the dynamic and fast-growing market of IOT, Cloud and mobility connectivity. During our time with the business we have seen it scale up, delivering strong financial performance while maintaining its collaborative culture. We wish the leadership team all the very best for the future," he added.
Matthew Caffrey, partner at private equity firm Livingbridge, said that the firm was well positioned to ride the digital transformation wave and made an attractive investment.
“We are delighted to acquire FluidOne, a business which is set for significant growth, being both well-invested and poised to benefit from favourable market trends as the UK becomes increasingly digitally focused. Its integrated, automated, scalable technology platform and strong financials make it an attractive acquisition, and we are excited to take the business forward in its growth journey," he said.
Russell Horton, CEO of FluidOne, said that it had delivered growth with the Rigby Group and was ambitious about the future.
“It’s very pleasing to have Livingbridge’s support as we look to exploit the numerous opportunities and develop a strong M&A pipeline in this expanding market," he added "“Importantly, FluidOne remains the preferred communications partner for SCC and Group companies and we will continue to work closely with SCC in the delivery of services to customers.”