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BGF exits APSU following acquisition by CSI Group

Investment news
17.11.2016.

The UK business of IT managed services company, APSU, has been acquired by CSI Group for an undisclosed amount.

As part of the transaction Steve Morris, founder and CEO, APSU, will become a shareholder of the CSI Group.  BGF has fully exited APSU’s UK business and realised a capital return on its original investment.

Both Morris and BGF will continue as shareholders of the US subsidiary, APSU Inc, which has been divested from APSU and will now operate as an independent company.

Formed in 2011 from the merger of AssurIT with Apex Computers International Limited, APSU is a leader in delivering IBM solutions to the UK market, with a fast growing international business. Its service portfolio covers technical consultancy, procurement, managed services, in-store and on-line retail solutions, cloud hosting, physical co-location and software asset management.

BGF invested £7m in APSU for a minority stake in October 2014. This funding enabled APSU to accelerate recruitment and drive expansion in the UK and overseas, driving an increase in recurring revenue. Over the past two years it has grown its client base and expanded its service offering.

Steve Morris said, “BGF’s funding allowed us to accelerate growth, strengthen our team, broaden the product and service offerings and most importantly to expand our international presence. With the acquisition of APSU, CSI is well placed to help our clients on their transformation journey and in particular in their move to the cloud. The very clear synergies in both services and solutions that are delivered by both CSI and APSU presents an exciting opportunity for our clients to benefit from this increased scale; recognising the successful businesses that both APSU and CSI have built in the UK.

“APSU Inc will now be able to accelerate its growth in the US, better serving our new and existing customer base. On this exciting journey BGF will continue to bring its unique mix of long term capital and support and I am confident that, together, we will be a force to be reckoned with in the USA.”

Ned Dorbin, Investor at BGF and a non-executive board director at APSU said: “In a short space of time Steve has built an award winning UK leading business. The attractiveness of APSU’s UK business has been endorsed by its acquisition by CSI Group.

“We are pleased to have successfully completed this transaction and we are very happy to have the continuing opportunity to back Steve and his team as they build the business in the US. We are sure that there is lots more growth to come.

“BGF exists to help entrepreneurs realise their ambitions to grow their businesses and take advantage of market opportunities. The returns we have made from this investment will now be reinvested into other entrepreneurs working to scale-up their companies.”

The investment was managed for BGF by Ned Dorbin and Edwin Davies.

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