PM+M acted in a deal that saw Cardium Outsourcing Holdings Limited, which trades as Your Office Anywhere, acquired by Managed IT Services Group Limited. The value of the deal has not been disclosed.
Headquartered in Burnley, Cardium Outsourcing was established in 2004 and is now a respected name in the outsourced IT support services sector. Providing bespoke and fully managed Windows server solutions, Cardium Outsourcing caters for both SMEs and larger corporates. working with a range of clients operating in the tech, financial services, healthcare, retail, serviced and managed office and charitable industries.
Managed IT Services Group is an IT and voice solutions provider based in Manchester. Over the past few years, the firm has implemented a buy and build strategy which has included the acquisitions of telecom services provider Nexbridge, telephone conference call provider Whypay and IT solutions provider Charles Street Solutions.
Stephen Robinson, corporate finance director at PM+M, led on the deal and worked closely with Paul Monaghan, John Wilcock and Michael Carter – the joint shareholders of Cardium Outsourcing.
PM+M provided a range of comprehensive advisory deal services including the drafting of heads of terms, accounting, negotiating on the commercial elements of the transaction and supporting on all legal matters. Other PM+M advisers were tax partner Roger Phillips, and accounting + advisory partner Andrew Cowking, who was assisted by Waqas Ali, James Cocker, and Sarah Farragher.
Stephen Robinson commented: “It was great to be able to help Michael, Paul and John achieve their goal of a successful exit to a buyer who can take the business on to its next stage of development. The PM+M team worked hard to provide a multi-disciplinary approach that involved advice from our corporate finance, tax and accounting teams. We wish the Cardium shareholders and Managed IT Services Group all the best for the future and we look forward to seeing the business continue to flourish.”
Michael Carter, Director at Cardium Outsourcing, said: “Our decision to exit the business comes after careful consideration and planning to ensure the continued success and growth of Cardium. I am confident that Managed IT Services Group Limited shares our values and vision, and their expertise will take Cardium to new heights. I want to express my gratitude to our customers, dedicated employees, and all stakeholders who have been instrumental in our journey thus far. I am excited about the prospects of Cardium under the new ownership and look forward to witnessing its continued success. Finally, I would like to thank Stephen and the whole PM+M team for the excellent result that they delivered for myself, Paul and John.”
Rebecca McCann, Senior Associate in the Corporate team at Forbes Solicitors advised the shareholders on the sale of Cardium Outsourcing, leading on the legal process from heads of terms and due diligence, through to final negotiation of the transactional documents. Helen Marsh, Partner in the Commercial Property team and Fern Gordon, Associate, in the Employment team also advised on the transaction. Rebecca commented: “It has been a pleasure working with Michael, John and Paul and supporting the wider team on this transaction. We wish everyone involved all the best for the future.”
Hill Dickinson, Independence Capital and Cortus Advisory worked with Managed IT Services Group.
