Three of the North East’s leading professional advisors have supported a Management Buy Out at a leading national tech sector and outsourced IT specialist, DP Connect.
Ryecroft Glenton Corporate Finance, Yorkshire Bank (North East) and Muckle LLP were among the advisors for the deal that will enable DP Connect to embark on its next stage of growth.
The company, which has its headquarters in Bromley, Kent with operations in Cambridge and Edinburgh, has been acquired by its current Managing Director, Aidan Anglin from its founder, Toni Cocozza.
Employing more than 150 direct employees and on-site contractors, DP Connect was founded in 1990 to provide high-quality IT recruitment solutions. It also provides technology services, including managed IT service solutions and outsourced IT support services to sectors across the UK
The business has enjoyed significant growth over recent years, forecasting turnover of £17m during its current financial year ending 30 June 2017.
Aidan joined DP Connect five years ago as an advisor to the board, subsequently becoming Managing Director
In a 20-year career Aiden has held senior roles within a number of the UK’s major recruiters, particularly in the technology sector, including a role with a global corporate where he was responsible for a team of 400 consultants.
Having completed the Management Buy Out, Aidan will work with DP Connect’s existing management team, with support from Toni in an advisory capacity, to further develop and scale-up the business.
Aidan was advised in the transaction by Newcastle-based Ryecroft Glenton Corporate Finance, led by partner Carl Swansbury and manager, Alex Simpson, who structured the Management Buy Out and secured funding from Yorkshire Bank (North East) working with Associate Director, Daryl Peart and Ian Stephenson.
Yorkshire Bank (North East) received legal advice from partner and Head of Banking, Louise Duffy, and Corporate Finance associate, Adam Rayner, at North East-based firm, Muckle LLP. The legal advisors to Aidan were Andrew Wright, Senior Partner, and Solicitor Arran Brooker from Clarkson Wright & Jakes.
Toni Cocozza was advised by RSM with legal advice from ASB Law.
Aidan Anglin said: “Toni has built a very successful company, which I am proud to have been part of for the past five years and will now build upon DP Connect’s strong position in the market to deliver further growth and a prosperous future.
“We have established a strong niche in the tech sector for both recruitment and IT services, which has enabled the business to support a growing client base and work with a large cohort of talented technology professionals. I am really looking forward to working with my management team and our staff to take the business forward.”
Toni Cocozza said: “Aidan has been a real asset to the business over the past five years and is the ideal person to help realise my succession plan for DP Connect. Under his guidance the business will continue to flourish and remain at the forefront of the evolving technology sector to ensure we deliver the highest quality services and candidates.”
Carl Swansbury, partner at Ryecroft Glenton Corporate Finance, said: “DP Connect is a very well established business that will have a secure and positive future under Aidan’s ownership. His track record in the IT and recruitment market is exceptional and along with his experience working within DP Connect he can ensure the company can go from strength to strength.”
Daryl Peart, Associate Director at Yorkshire Bank (North East), said: “Both DP Connect and Aidan are well known within the industry and we are proud to have provided our support to assist with this transaction.
“We have no doubt Aidan will continue to take the company from strength-to-strength, utilising the skills and experience of the current team.”