Beech Tree Private Equity invests in expansion of Ancoris
Beech Tree Private Equity has invested in pure-play Google Cloud expert Ancoris. Alantra advised Ancoris on the deal.
Founded by David McLeman, Ancoris is a cloud-based Google services provider, offering a full suite of services, and tailored solutions based on clients’ project size and complexity. The business has also developed valuable IP, which helps its customers accelerate their cloud adoption journey, and in turn realise value faster. Among its clients are Rentokil, Lush, Sigma Sports, and Conde Nast.
Ancoris has recently expanded its service offering in data and AI, cloud migration and application development, which are all rapidly scaling. Meanwhile, the company recently began packaging some of its solutions in the form of “Labs”, which are aimed at addressing specific challenges of C-level executives. As it looks to drive more growth in this vein, Ancoris has secured a new funding injection.
Beech Tree Private Equity (BTPE) is a private equity firm providing capital and expertise to fast-growing businesses. The group specialises in disruptive business models which, with additional capital and expertise, investing between £10-30 million into high-growth companies, typically valued at £10-75 million.
BTPE has invested in Ancoris, enabling it to further boost its sales and marketing operations, while also responding to heightened customer demand for its skills and capabilities both organically and through the exploration of M&A opportunities to build out specific incremental capabilities.
David McLeman, CEO of Ancoris, noted, “We are extremely pleased to have found the right partner in BTPE, they have significant knowledge of our sector and scaling businesses like Ancoris. We have experienced strong growth in the last few years and this investment will allow us to respond to customer demands even quicker. From the beginning, we felt a strong cultural alignment and, being a people business, that’s incredibly important to us.”
Ancoris was advised on the transaction by a deal team from professional services firm Alantra. The team comprised Simon Roberts, Dave Bellis, Will Fenby and James Chapman-Andrews.
Chapman-Andrews, who is Alantra’s UK Head of Technology, commented, “Ancoris has achieved significant growth as businesses increasingly seek support with digital transformation and cloud migration. Its strong management team and breadth of service offering across the Google stack have made it a fantastic and exciting client.”
The investment in Ancoris is the latest in a long line of advising clients in the public cloud and IT services space. Recent transactions advised on included Livingbridge and Ten10’s sale of the business to Graphite Capital, and ECS’ international sale to GlobalLogic.
