IT services supplier Contrac IT has been snapped up by consulting group Leading Edge in an undisclosed deal.
The Barnsley-based firm, which also has bases in Durham and Malaga, is Cardiff-based Leading Edge's first acquisition outside of its focus on BT services, for which it is said to be the Ƶ's largest outsourcer. Contrac's managing director Mark Harding will stay on to lead the company.
Contrac employs about 30 people and offers a range of services including consultancy, managed services, cloud and hosting. Its addition to Leading Edge will help the group expand its reach in England and Spain.
Daniel Hill, CEO of Leading Edge (Ƶ) said: "This acquisition is a major strategic step for Leading Edge, enabling us to diversify our portfolio and expand our reach. Utilising Contrac IT’s proven expertise and customer service, enabling us to access new markets. We are excited to develop the Ƶ group, with knowledge and insights that will enable future growth opportunity, whilst providing enhanced customer services across both companies.”
Leading Edge was advised by the corporate finance team at Dow Schofield Watts in Cardiff, led by Koo Aseeley and supported by Benjamin Nix, as well as financial and tax due diligence, led by Catriona Lang and Rob Parker. Barclays Bank provided funding.
Mr Hill added: “This transaction marked the Leading Edge Ƶ leadership team’s first acquisition, so it was essential to find an advisor we could trust and who would be a true partner throughout this significant learning experience for us. From our very first meeting, it was clear that Koo and the team at DSW were the perfect fit.
"Their guidance through, what turned out to be an exceptionally complex sale process, was nothing short of outstanding. The advice we received was thoughtful, strategic, and always delivered in a collaborative spirit. Koo and the DSW team demonstrated unwavering commitment and responsiveness, often working outside of standard hours to accommodate our Australian-based board.
"Their availability, professionalism, and depth of expertise made a genuine difference at every stage of the process. We thoroughly enjoyed working with DSW and are deeply grateful for their support. Without hesitation, they would be our first choice for any future M&A activity.”
Mr Aseeley said: “Contrac IT is a highly regarded business that strengthens Leading Edge’s service offering, and provides exciting opportunities for growth. The deal highlights the strength of Leading Edge’s strategy, and we look forward to seeing both businesses build on their growth trajectories with the support of Barclays funding."
