Date17 Feb 2022
Our corporate finance team provided corporate finance advice to the shareholders of Opal IT Limited on its sale to Manchester-based InTec for an undisclosed sum. All the staff will be retained and the shareholders will exit the business.
Founded in 2008, Newcastle-based Opal has a focus on Microsoft technologies in the SME marketplace, and specialises in client server, desktop infrastructure, cloud hosting, cyber security and managed support. They’ve developed a proven track record in offering IT solutions working with well-known businesses and prestigious schools across the UK, alongside clients in Europe, Asia and the USA.
InTec is an investment holding company, backed by Duke Royalty, created to execute a buy and build strategy of synergistic companies within the IT managed services sector in the UK and Ireland. Opal is a strong fit for the existing group and builds additional scale and competency in InTec's ability to deliver IT services to several end customer groups.
Andrew Metcalfe, Managing Director, Opal IT Limited said: Having invested years building the company, with the help of a loyal and dedicated team, it was important to us to find the right acquisition partner who shared our company vision and values that would be able to sustain the Opal legacy. We are leaving the business in great hands with InTec and would like to thank our fantastic team, customers and suppliers for their support over the years.
We have received terrific support from the team at Azets who have helped us market the business for sale and navigate and negotiate the deal. We appreciate the dedication of the team in managing a smooth process throughout and delivering a successful transaction.
Rob Burton, Corporate Finance Partner at Azets in Yorkshire led the deal and was supported by Richard Weston, Corporate Finance Manager.
Rob Burton, Corporate Finance Partner at Azets in Yorkshire said: We were delighted to advise Andrew and the team on the sale to InTec. It’s great to see the success of their company being recognised.
Despite the challenges of the pandemic, Brexit and the uncertain economic outlook, this deal proves that attractive, well managed businesses will always be in demand. It’s credit to the resilience and enterprise of the Northern business community that our teams remain so active. We’ve got a strong deal pipeline and feel optimistic about the year ahead.
Katy Turner, KT Communications| firstname.lastname@example.org | +44 (0)7966 527168