Leading network aggregator FluidOne has acquired Cheltenham-based PSU Business Technology Limited (PSU), a provider of IT Managed Services, Mitel UC, Connectivity, Mobile and Telecoms Services, for an undisclosed sum.
Founded more than 30 years ago, PSU is a £6 million revenue business with more than 450 customers, with expertise in solution sales to the mid-market.
With a team of 38 staff, based in Cheltenham, PSU is led by owner and MD Nigel Davies who has been with the business for 20 years.
Following an MBO in 2019, backed by leading mid-market private equity firm Livingbridge, coupled with an M&A facility from HSBC, PSU is FluidOne’s first acquisition under the leadership of industry veteran and CEO Russell Horton.
South West law firm BPE Solicitors acted for the shareholders of PSU ICT Limited on its acquisition. BPE’s Corporate Team advised Nigel Davies and Troy Brooks at PSU on the sale. Partner Adam Kean led the deal.
Adam said: “PSU is a great example of a business founded in the South West that is rooted in strong customer engagements. We were delighted to be involved in the sale and wish them all the best on their new journey with FluidOne”.
Nigel Davies, MD at PSU added: “Russell and the FluidOne board have ambitious plans and I am delighted that the PSU team’s skills and services are an excellent fit.
“The plan is to keep the team in Cheltenham and grow it as a centre of expertise for IT Services and Unified Communications. The PSU team will act as overlay sales for these services into the FluidOne base and lead the implementation and support of these services. I am staying with the business in the role of Technical Director for IT Services and am very much looking forward to working with Russell and the rest of the FluidOne team.
Russell Horton, CEO at FluidOne, said: “Having known Nigel for nine years, I approached him late last year to discuss the opportunity, because, knowing PSU, I felt it would be a strong addition to our portfolio, with complementary services to help enhance our Connected Cloud solutions. The initial lockdown delayed our plans and I am very pleased that we were able to carry out detailed due diligence and a joint business planning exercise whilst working remotely. The customer and staff interviews reinforced what a high-quality business PSU is, with a strong solution set and staff who build great customer relationships and go the extra mile to solve their customer’s problems. I am excited to be working with Nigel and the PSU team to invest in and grow as our centre of expertise for IT Services and Unified Communications, cross-selling into the FluidOne customer base.”