LDC has exited Littlefish after helping to double revenues at the Nottingham-headquartered firm to £36.4 million in three years.

The private equity firm has sold its minority stake to Bowmark Capital.

Littlefish, founded in 2003, provides managed IT, cyber security, cloud and IT consultancy services to more than 200 customers across the private and public sectors.

Since LDC came on board in April 2019, the firm has opened a base in Sheffield and more than doubled its workforce to more than 450 people.

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“The business has been on a significant growth journey over the last 12 years, which has been achieved almost entirely organically,” said chief executive Steve Robinson.

“With LDC’s support, we have expanded our offering to cement Littlefish as a market-leader for quality and innovation in the delivery of end user services, and we’ve continued to invest in our people.

“Their flexibility, sector expertise and financial support have helped us to build our business with confidence.”

This transaction marks LDC’s fifth successful exit from a technology business in the last 12 months. It recently exited design software specialist Solid Solutions.

LDC has invested more than £250m in more than 10 technology-led businesses in the past year, including digital transformation provider CTI Group, IT services specialist Aspire and mobile and Internet of Things communications firm Cellhire.

It recently backed virtual reality EdTech Avantis.