Technology sector recruitment and outsourced IT specialist DP Connect has undergone a management buy-out.
The Bromley-headquartered agency, which also has operations in Cambridge and Edinburgh, has been acquired by current managing director Aidan Anglin from founder Toni Cocozza.
Anglin, who joined five years ago as an adviser to the board, subsequently becoming MD, will work with DP Connect’s existing management team, with support from Cocozza in an advisory capacity, to further develop and scale-up the business.
Commenting on his plans for the business following the MBO, Anglin told Recruiter in a statement: “We intend to use this new investment to accelerate our existing growth plans in the years to come to ensure we can maximise our geographic reach and stay at the forefront of the advances in technology and skills that will benefit our clients.
“This will provide a stronger platform for our outstanding team, which we aim to grow in line with our continual development, and fulfil their potential,” he added.
Anglin was advised by Newcastle-based Ryecroft Glenton Corporate Finance, led by partner Carl Swansbury and manager, Alex Simpson, who structured the MBO and secured funding from Yorkshire Bank (North East) working with associate director Daryl Peart and Ian Stephenson.
Yorkshire Bank (North East) received legal advice from partner and head of banking, Louise Duffy, and corporate finance associate, Adam Rayner, at North East-based firm, Muckle. The legal advisers to Anglin were Andrew Wright, senior partner, and solicitor Arran Brooker from Clarkson Wright & Jakes.
Cocozza was advised by RSM with legal advice from ASB Law.
Terms of the deal were not disclosed.
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