Alt Investments

Deals Of The Day: The Latest In Wealth Management M&A – Pictet

Editorial Staff 9 July 2024

Deals Of The Day: The Latest In Wealth Management M&A – Pictet

The latest mergers, acquisitions and other corporate actions in the wealth management sector.

The direct private equity team of Pictet Alternative Advisors has acquired Technology Services Group, which provides managed IT services in the UK.

Pictet bought TSG from the original founder owners Sir Graham Wylie and David Stonehouse, and the management, with the management team reinvesting proceeds as part of the transaction. The specific financial terms were not disclosed.

TSG, which is a fully-accredited Microsoft Solutions Partner for small and mid-sized businesses across the UK, specialises in delivering IT solutions within the Microsoft ecosystem.

Based in Newcastle, and with over 250 full-time employees across offices including London and Glasgow, TSG serves 1,300 clients. 

“TSG has an attractive and defensible business model, a high proportion of recurring revenue, and customers who value its service quality and technical expertise across the Microsoft tech stack,” Andrzej Sokolowski, head of UK for direct private equity, Pictet, said. “We see significant potential to increase TSG’s growth organically and via M&A. That includes solution areas in Azure, Dynamics and cybersecurity, as well as accelerating deployment of AI tools.”

Sidley Austin (legal), RSM and Deloitte (financial and tax), PwC Strategy (commercial), Marlborough Partners (debt), and KPMG (corporate finance) advised Pictet on the transaction. 

Pictet Alternative Advisors, the alternative investment business of Switzerland’s Pictet Group, has about €24 billion ($26 billion) in private equity assets under management as at 31 March 2024.

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