Nasstar owner set to sell £500m cloud service provider | Business newsletter

The owner of one of the UK’s largest managed cloud service providers is starting to explore the sale of its business worth more than £500 million.

Sky News understands that Mayfair Equity Partners has hired investment bankers to prepare to review strategic options for Nasstar.

City sources said Sunday that Raymond James has been appointed to oversee the review.

A sale is expected next year, with interest from strategic buyers and financial investors.

Nasstar designs, deploys, and manages hybrid multi-cloud solutions and communication platforms for corporate and public sector customers.

Customers include Eurostar, NHS, EE and the Department of Defense.

People close to the company say it has played a key role in customers’ transition to digital-led operations as they adapt to hybrid remote working.

Estimates suggest that the global public cloud computing market is worth nearly $370 billion and is expected to grow rapidly until the end of the decade.

Last year, Nasstar recorded £114 million in revenue and £22.1 million in earnings before interest, taxes, depreciation and amortization.

Mayfair’s initial investment in the group now known as Nasstar came in 2018, when the private equity firm led the acquisition of GCI Group from chairman Wayne Martin and the bank-led Business Growth Fund backing.

Since then, the business has become a broader technology services provider, acquiring Modality in 2019, Nasstar the following year, and KCOM’s national ICT Services business in 2021.

Two years ago, Wayne Churchill, a former CEO of Easynet Group, joined Nasstar to lead its transformation.

The company currently employs more than 1,000 employees.

Mayfair’s preparation for the sale of Nasstar follows a series of broader industry deals, including the sale of Version1 to Partners Group for £675 million and the acquisition of Node4 by Providence Equity Partners for around £300 million. .

A Mayfair spokesman declined to comment.

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