Clearwater UK has advised the shareholders of Apple reseller, Jigsaw24, on the secondary management buyout supported by Alcuin Capital Partners and PNC Business Credit. This secured a successful exit for private equity firm NorthEdge Capital.
Founded in 1992, Jigsaw24 is an IT solutions and services provider and the undisputed leader in the B2B Apple reseller market which has been built upon the foundations of a 25 year relationship with Apple, and consistent year-on-year growth. Jigsaw24’s core markets are corporate, creative and education. It has built a loyal client base in excess of 25,000, with clients including Harrods, Disney, KPMG and Sky, and recently announced sales of £125m (c.€140m) in the year to May 2017.
The business also provides creative solutions as Adobe’s primary partner, offering software, services and support to its creative network. Jigsaw24 has completed three bolt-on acquisitions to extend its product and geographical portfolio including: Square Group, the B2B Apple reseller; Matrix Software Development, the automated catalogue production software business; and Root6, the storage, solutions and service provider to media and creative industries.
The secondary management buyout was led by Managing Director and Founder of Jigsaw24, Roger Whittle, and Finance and Operations Director John Hughes, with the support of Alcuin and PNC Financial Services. Jigsaw24’s CEO, Martin Balaam, will exit the business with NorthEdge.
