Capita plc announced it has agreed to sell York-based IT firm Trustmarque to One Equity Partners for £111 million.
Trustmarque provides IT services and solutions, including software and hardware re-sale, and is a top-tier partner for global technology vendors.
“The net reported revenue and profit before tax for the assets subject to transaction for the year to 31 December 2020 were £122m and £16m respectively,” said Capita.
“Gross assets were £240m at 30 June 2021.”
The Trustmarque senior management team and employees will remain with the business.
Capita CEO Jon Lewis said: “We are pleased to have agreed the sale of Trustmarque to One Equity Partners following a competitive sale process.
“I am delighted that, once this sale is completed, we will have exceeded our disposals target – and achieved this much earlier than originally planned.
“It marks another significant step towards materially reducing our debt, as we continue to simplify and strengthen Capita, and become a more successful business for the long term.
“We are now focused on selling the remaining businesses in our Portfolio division, with the goal of disposing of the majority by the end of 2022.”
One Equity Partners said Trustmarque is one of the most highly accredited partners in the UK to a wide range of leading vendors including Microsoft, Cisco, Dell, Forcepoint, McAfee, Proofpoint and Sophos.
“Trustmarque is well-positioned to benefit from the growth in cloud-based software sales and the ongoing digitization of the public sector,” said One Equity Partners MD Andrew Dunn.
“We are proud to partner with Ben Richardson as CEO and the entire Trustmarque team, and we look forward to leveraging our experience from past investments in IT services businesses to strengthen the company’s capabilities in order to offer customers a wider range of value-added services.”
“We are excited to be partnering with OEP to start the next step in Trustmarque’s journey,” said Trustmarque CEO Ben Richardson.
“Tapping into OEP’s deep experience with IT service investments and other Microsoft and Cisco vendor-centric companies will position us to provide our vendor partners with access to a broader platform of customers and service capabilities than ever before.”