Apple reseller Jigsaw24 has been sold to private equity outfit Alcuin Capital Partners
The deal for the Nottingham-based firm, which generated revenue of £95.2 million in its last reported financial year, means that CEO Martin Balaam will leave the building with his belongings in an old photocopy box. Gone also will be Jigsaw24’s previous private equity backers NorthEdge Capital, who invested in 2013.
Balaam said he has had no regrets and it has been an incredible five years and he sees big things coming from Apple’s creative technology as ‘mobile first’ was now reality and businesses have digital transformation at the top of its strategies.
NorthEdge is not too fussed either. It said it saw a three times return on its investment in Jigsaw24.
Jigsaw24 founder, and current managing director, Roger Whittle will step into Balaam’s shoes as CEO.
Whittle said: “With John Hughes as COO alongside myself, and some significant additions to our revitalised management team, we are excited about implementing our ambitious investment plans, as we work together in close partnership with Alcuin Capital, taking Jigsaw24 onto the next level together.
“Our close collaboration with Apple in the exciting and growing areas of enterprise, education and digital transformation allied to our strong momentum within the media and entertainment sector backed by an expanding services proposition give us great confidence in the future.”
Apple reseller Jigsaw24 is about to be sold off.
The Telegraph has reported that private equity group NorthEdge Capital is seeking a buyer for the Nottingham-based outfit. It has a 2016 turnover of £86.9 million which is not to be sneezed at.
The report claimed NorthEdge Capital, which bought a majority stake in Jigsaw24 in 2013, has hired Clearwater Corporate Finance to approach buyers for the business.
The Telegraph concluded that a deal is expected to be announced at the end of this year or early next, with the paper’s sources insisting the move was not linked to concerns that Apple iPhone sales had peaked and it products were on a slow slide to oblivion.
Jigsaw24, one of Britian’s largest Apple resellers, has major clients including Channel 4, BBC Sport and News UK.
Fruity tax-dodging cargo-cult Apple has just staged a night-of-the-long knives on its education partners culling them down to just 14.
Word on the street is that between 24 and 26 Apple Solution Experts – Education (ASE) previously, with Softcat, Insight and Misco are off the books.
All that are left are Academia, MCC, GBM, Trams, Albion, KRCS, Western Computer, Toucan, Jigsaw24, XMA, BT Direct Business, JTRS and for Ireland Wiggle and Compu b.
The theory is that Jobs’ Mon wants to push more through a smaller number of harder working channel partners in the education sector. Apple wants more sustainable services which wrap-around either the iPad or the Mac, apparently.
Apple’s relationship with the channel is fraught due to it being a little inflexible and always wanting things its way. It has been slowly reducing its resellers over the years as it leant on its own retail channel. This way it can have greater control over how its products are presented and with Apple, presentation is everything.
This being the case, the recent cull will probably do more to lesson Apple’s influence instead of promoting it.