Rockpool exits NCE Group Limited at 67% IRR

4 years ago

Rockpool Investments LLP [“Rockpool”] is delighted to announce the sale of NCE Group Limited [“NCE”] to Park Place Technologies in the latest of a series of successful exits for Rockpool in 2017.

The NCE sale represents a strong return for Rockpool investors who supported a management buyout of the Group in September 2015, providing an exit IRR of 69% and 2.6 times money multiple of equity invested.

Tommy O’Sullivan, Investment Director at Rockpool, commented: “After two years of hard work and exceptional performance we are delighted to see the NCE management team complete a successful exit. Park Place Technologies is an ideal partner in its ability to carry NCE forward and leverage NCE’s skills and expertise to expand its capabilities and service and support functions for customers worldwide.”

Andrew Genever, former CEO, NCE, and newly appointed VP, Depot Operations at Park Place Technologies, said: “During our partnership with Rockpool, we transformed the business from a ‘mom and pop shop’ to an integrated international organisation known for quality and delivery across borders. As we join Park Place, we will continue to provide exceptional service to our customers worldwide, while utilizing Park Place’s broad expertise to offer our customers greater access to engineering capabilities, faster response times and a better service experience.”

“Today we welcome NCE to the Park Place family,” said Chris Adams, President and Chief Operating Officer of Park Place Technologies. “Through this acquisition, we are solidifying Park Place’s market position as the largest global pure play data centre maintenance provider. We are expanding our footprint into additional European markets and adding talent to the deepest bench in the industry to support our growing customer base and enrich the customer experience.”

NCE provides a range of IT maintenance services and tailored solutions to a global customer base, from secure servers and data systems to equipment repairs and part sales. With major offices based in the UK and the US, NCE has provided quality solutions for services and support to data centres across the globe since 1981. Rockpool first invested in the Group in 2015, backing the strong management team in an MBO and providing financial support to accelerate further growth.

As the world’s largest pure play post-warranty data centre maintenance organization, Park Place supports more than 9,000 organizations in over 100 countries. The acquisition marks the largest in Park Place’s history and will significantly increase the company’s European presence and global client portfolio.

About Rockpool

Rockpool is an independent firm dedicated to creating opportunities for individuals through private investment. The deal forms part of Rockpool’s continuing strategy to support high quality SME management teams across the UK.

Rockpool provides equity and loan finance of £3m to £12m to profitable private companies.  It has 55 companies in its portfolio and invests approximately £100m a year.  The firm provides funds for MBO’s, growth and development funding and equity release in companies with turnover higher than £5m.

The sale of NCE represents Rockpool’s third exit of 2017.