Software consultancy Ten10 swaps private equity owners

23 October 2020 Consultancy.uk

Digital services firm Ten10 has seen its ownership swap hands, with Graphite Capital acquiring the firm from counterpart Livingbridge.

Livingbridge, a mid-market private equity firm launched in 1995, established Ten10 in 2015 after it acquired and merged two existing companies; Centre4Testing and The Test People. The investors spotted an opportunity to realise fast growth, and fast forward five years, and Livingbridge has now exited its stake with a lucrative multiple.

Luke Bray from Livingbridge said of the investment and exit: “During the past five years, we have driven the transformation of Ten10 through mergers & acquisitions and an organic growth strategy, turning it into a leading professional services firm that is well positioned to continue growing and building market share.” 

Software consultancy Ten10 swaps private equity owners

Ten10 currently operates with a team of 250 staff working from offices in London, Leeds and Raleigh, across three services lines: Ten10 Consulting, a software consultancy business; Ten10 Academy, a developer of technology talent; and Ten10’s Hybrid Teams’ model, a provider of temporary talent. Combined, the divisions generate to the tune of £26 million in fee income. 

“With Livingbridge’s support, we have rapidly grown to become a market leader that is seen by our customers as a trusted partner thanks to the quality of our people, our technology and our reputation for technical and agile expertise,” said Chris Shaw, CEO of Ten10. “It has been a pleasure to work with them.” 

Going forward, Shaw and his leadership team will work closely with the team of Graphite Partners, a private equity firm that also has stakes in among others YSC Consulting (a leadership consultancy), Wagamama (a restaurant), pifconsulting (a benefits consultancy), Golden Tulip (a budget hotel chain) and Alexander Mann (a provider of recruitment solutions). 

Financial details of the deal have not been disclosed. Graphite Capital typically backs companies with enterprise values of £30 million to £175 million. 

Shaw: “We have known Graphite for a long time and believe they will be great partners for Ten10. They have a strong track record of supporting technology-enabled businesses to become leaders in their sector. Their expertise will be invaluable as we continue our international expansion.” 

Seller Livingbridge and the shareholders of Ten10 were advised on the deal by Alantra. The Alantra team comprised partner Steve Currie, director Simon Roberts, associate Dave Bellis and analyst Joe Carpenter. Buyer Graphite Capital received M&A advisory support from GCA Altium, with a team led by partner Ollie Vaughan.

Other dealmakers involved include Pinsent Masons (Amie Norris, Lisa Early) and Shawbrook Bank.


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