Management Buyout

Some situations require a special type of transaction; a way of doing things that not every investor could. This was the case with business process outsourcing (“BPO”) specialist and IT services provider, Liberata.

Experts in streamlining and improving operational processes, its 2,000 employees work together to save local governments and local authorities time and money.

Endless initially invested in Liberata in December 2010, at a value of £23 million. We were able to construct a deal that suited both the exiting shareholders and the regulatory bodies concerned.  A specialist deal structure meant we that could complete the transaction in the tight timeframe required.

“Endless proved to be remarkably focused, commercial and straight forward to deal with. They were the quickest to fully recognise and understand the investment opportunity. Their approach was to set clear and pragmatic principles on day one and they adhered to them right through to completion.  Finally, what also stood out with my management team was the degree to which Endless is self sufficient in fielding its due diligence team. This proved very helpful in building mutual confidence and our relationship during the investment process.”

Dermot Joyce, CEO, Liberata Ltd, Jan 2011

We further demonstrated our confidence in the management team when we funded the acquisition of Trinity Expert Systems in October 2013. This opportunity was spotted by the Endless team and executed with the same speed and diligence as the initial Liberata deal. TES provided managed IT and cloud offerings making them an ideal addition to the Liberata mix.  We repeated this again in September 2014, with the acquisition of Trustmarque, a specialist public and private sector IT services provider. TES and Trustmarque were subsequently combined to form a single managed IT services offering, trading under the Trustmarque name.

“We are delighted to welcome Trustmarque, a profitable, hugely successful and cash generative business to the Liberata family. The acquisition creates significant value for Liberata and for all of our customers by connecting the ICT value chain. We see the advantages of the complementary service and solutions provided by Trustmarque and believe that together we can create an end-to-end proposition, for all of our clients,”

Dermot Joyce, CEO of Liberata, 2014

After a number of years of successful growth we were receiving regular interest in the business from strategic investors. In June 2016, Trustmarque was acquired for £57 million by Capita plc, the FTSE 100 business process outsourcing company, which saw Trustmarque’s IT offering as highly complementary to its existing services. Shortly after this, in August 2016, the core Liberata business was sold to Outsourcing Inc., a leading global outsourcing business listed on the Tokyo stock exchange, for £43 million.

We secured a significant return on both our original investment in Liberata and subsequent investments in TES and Trustmarque, demonstrating the significant growth of the business under our ownership. Both Liberata and Trustmarque continue to grow and are bringing significant value to their respective new owners’ organisations.

An image of the Liberata offices