The Corporate team at Turner Parkinson have completed their latest deal advising the shareholders of technology services provider JMC IT on the company’s sale to IT Lab, which has its headquarters in London. Both businesses are Sunday Times Best Companies award winners.
This latest deal follows recent activity for the team including the completion of 6 deals in 5 weeks.
JMC, which was founded in 1981 and is based in Agecroft, Salford, has more than 100 staff and turned over £10.9m in the year to last June. Revenues are on track to rise to £11.5m in this financial year.
The business provides IT support, infrastructure services, software and integration and enterprise resource planning software.
Joining forces with IT Lab will create a national business with turnover of nearly £30m, a 300-strong team and more than 750 clients.
Peter Sweetbaum, chief executive of IT Lab, will remain as CEO of the combined business while Andrew Burgess, who led a management buyout of JMC in 2003 and is its managing director, will become director of integration.
After a transition period, JMC will be integrated under the IT Lab brand.
“JMC is a market-leading business and its attractiveness to the buyer is testament to a fantastic management team who have grown the business while at the same time making JMC a great place to work. I am sure that the business will continue to thrive under its new ownership.”
Andrew Burgess said: “We are delighted to be joining forces with IT Lab to create one of the UK’s largest technology and managed service providers, and we are confident the new company will offer new opportunities to staff and clients alike.
“For some time we have felt that so much more could be achieved if JMC could extend its range of service offerings, increase its capacity and capability, and extend its geographical coverage – and IT Lab was the perfect fit.”
Peter Sweetbaum said: “From the very first time we talked to JMC, we were hugely excited. It was immediately clear we shared the same values and dedication to excellent customer service, and had highly-complementary skills, services and geographies. JMC is a real force within IT and has proven itself time and time again.
“We are excited by the innovation and opportunities that will arise from joining two dynamic and driven teams, and are looking forward to harnessing this capability for all of our clients.”