Alt Investments
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.
