Electronics group swoops for IESA in £88m deal
Electronic and industrial products distributor Electrocomponents plc has acquired ‘B2B digital disruptor’ IESA in an £88m cash deal.
Founded in 2002 and headquartered in the Birchwood Science Park near Manchester, IESA provides value-added services to manufacturing, process and production-orientated industries.
The company’s award-winning MyMRO technology platform allow clients to improve their efficiency and consolidate their indirect procurement vendor base.
It has been purchased by Electrocomponents from Gresham Private Equity.
“We are excited to become part of the Electrocomponents Group and this represents the start of a third chapter for our organisation,” said IESA’s chief executive Glenn Timms.
IESA was advised on the deal by investment bank GCA Altium, with vendor due diligence provided by Deloitte.
Timms added: “Since launching as a digital disruptor and family business in 2002 and having an undertaken a management buy-out in 2012, we are proud to have become a multi-national and multi £100m turnover business operating in six countries, and this is testament to both our outstanding employees’ hard work and the faith and trust our clients and vendor partners have placed in us, together with the support and encouragement of our private equity investor Gresham who have been an invaluable partner over the last six years and we publicly express our gratitude accordingly, together with acknowledging the constructive guidance and advice of GCA Altium.”
As a new member of the Electrocomponents group, Timms said IESA will have opportunities to leverage the group’s global infrastructure, resources and digital capability to drive faster growth.
GCA Altium CEO Phil Adams advised the shareholders on the sale, supported by vice president Tom Battersby and analyst Durgesh Panchani.
Adams said: “We are delighted to have been able to work alongside Gresham and the IESA management team. With its extensive global coverage, Electrocomponents represents an excellent partner with whom IESA can accelerate its own international ambitions, leveraging its digital platform.”