15th March 2021
FPE Capital LLP (‘FPE’), a specialist software and services growth investor in UK lower mid-market companies, announces that its portfolio company Optimity Limited, a leading IT and managed services provider, has acquired Chippenham and Bristol based Avagio IT Limited. The acquisition will help Optimity to accelerate strong organic growth in managed services and in the provision of smart, secure and intelligent IT solutions for campus and workplace environments.
Backed by FPE Capital in 2016, Optimity has transformed London’s high-speed connectivity market by providing a unique alternative to fibre connectivity and has since extended its product set into a full IT service for smart campus and workplace environments.
Avagio is an established managed IT services provider that offers its own branded ‘Worry Free IT’ solutions for UK-based customers. Specialising in IT support, security & compliance, infrastructure and consulting services, the company has seen significant growth due to a dedicated and unique focus on customer excellence delivered by a highly capable and skilled team.
FPE Capital Managing Partner, David Barbour commented:
We are delighted that Optimity is bringing the high quality team and customer base of Avagio ITS into the business. This will strengthen the already strong growth the business is seeing in provision of managed services to central London businesses.
Discussing the deal, Optimity’s CEO, Leeland Pavey said:
Avagio’s distinct geography and skill set will allow Optimity to enhance, strengthen and broaden its offering to a much more diverse geographic base.
Managing Director of Avagio, Adam Morris commented:
Finding a new owner for Avagio with an aligned ethos, was never going to be any easy task; but it was very quickly apparent that with Optimity, we had a shared vision of what our customers expected and can benefit from joining forces with Optimity.
Advisers to Optimity on the acquisition included Azets Corporate Finance (financial and due diligence) and Stephenson Harwood (legal).
-ENDS-
Media inquiries:
David Barbour
Managing Partner, FPE Capital LLP
020 3912 8800