Livingbridge advised on raising debt facilities to support investment in North SP Group

Clearwater International Richard Goldsack Glenn Clarke

Clearwater International has advised Livingbridge, a mid-market private equity investor, on raising debt facilities to support the investment in North SP Group (North), a connectivity and IoT specialist. The investment will support further acquisitive growth and includes the recent acquisition of Data Techniques.

North is a technical integrated technology specialist delivering end-to-end networking and IoT application design, implementation, support, and managed services throughout the UK. Led by CEO, Glen Williams, North has over 270 staff, of which around 160 provide technical services.

North specialises in the provision of connectivity within complex environments where multiple layers of connectivity are required (e.g. Wi-Fi, IoT, 5G etc). The investment will support North’s growth strategy and includes its recent acquisition of Data Techniques, which offers a similar proposition and end-to-end capabilities.

The combined businesses will operate a national network of highly technical engineers covering the design, build, maintenance, and monitoring of end-to-end IoT solutions and services. Clearwater International raised debt facilities to support the acquisition and future growth from LGT and HSBC.

The Clearwater International team consisted of Managing Partner Mark Taylor, Director Tom Barnwell and Senior Associate Ben Crowe.

Matthew Caffrey, Partner at Livingbridge, said: “We are delighted to be partnering with North, a business with a unique breadth and depth of expertise across the IoT, networking and connectivity, and safety and security, and with a clear potential for growth.

“We are excited to work with CEO Glen Williams and his experienced management team to develop North’s strong capabilities and consolidate a fragmented industry through further M&A to better service the rapidly growing intelligent buildings and smart cities market.”

Glen Williams, CEO at North, commented: “We are thrilled to be entering the next stage of our growth journey with Livingbridge. Their strong track-record in investing in networking and field services businesses and in implementing successful M&A strategies make them the perfect partner in fast-tracking our growth.

“We are also delighted that Data Techniques will be joining the North business as their complementary strengths and key differentiators substantially strengthen our position in the market.”

Tom Barnwell, Director, Clearwater International said: “It was great to work with both Livingbridge and the North team in arranging a debt package that aligns with the business’ growth plans. The investment builds on Livingbridge’s existing expertise in networking and connectivity businesses having worked with many others in the past. We would like to wish the team the best of luck in meeting their strategic goals.”