West Mids deal of the month revealed
The news that Coventry-based IT consultancy Trinity Expert Systems (TES) has acquired London IT solutions provider Eurodata Systems in a deal worth nearly £15m is a real coup for the region, says Sam Metcalf, assistant editor at Midlands Business Insider.
"All too often we see provincial companies swallowed up by their city counterparts. TES should be admired for its decision to enter the London market and open up growth opportunities back in the West Midlands," he said.
The company completed the buy with £12m of funding from Lloyds Bank Corporate Markets.
TES said its £14.8m acquisition of Eurodata was part of its long-term growth strategy and would introduce the company to the City market.
The West Midlands office of Lloyds Bank Corporate Markets agreed to lend £10m of long-term funding and £2m of working capital for TES to complete the acquisition.
Steve McDonagh, chief executive of TES, said the funding had "enabled TES to build a proposition that was attractive to Eurodata's vendor and loan note holders".
Steve Shuker, relationship manager from the Lloyds Bank Corporate Markets team in the West Midlands, said: "We've worked with TES for a number of years and it's great to see this successful business continue to thrive and grow.
"This is exactly the type of deal we’re keen to support as strong businesses in the region look towards growth expansion."
Metcalf added: "TES' move is a bold one, but its dynamism in a niche market will ensure it's well placed for other such acquisitions. Watch this space."
