… Livingbridge Selling Onyx

Livingbridge EP LLP announced the sale of Onyx Group, an IT infrastructure services provider, to Pulsant, one of the UK’s largest datacentre providers.

Onyx focuses on providing cloud, colocation, remote and on-site IT management, workplace recovery, applications management and security solutions. The group also provides UK data centres, cloud security backup and IT infrastructure to businesses including Sage, Edinburgh Airport and Bond Dickenson.

Following Livingbridge’s original £16 million investment in 2011, the Group today employs more than 170 people and has five datacentres in Stockton, Edinburgh, Glasgow, Sheffield and Newcastle, as well as other BC sites and offices around the UK.

The acquisition of Onyx will add to Pulsant’s capabilities as a provider of hybrid IT services, particularly in the areas of applications management, remote and on-site managed services, workplace recovery and security. The deal will also enable the Group to expand its presence in the UK.

Livingbridge were advised by Martin Jenkins and Joel Greenwood, Deloitte.

Commenting on the sale, Neil Stephenson, Onyx CEO said: “We have known Pulsant for many years and always felt that combining Onyx and Pulsant would provide a very strong UK-wide player. Both businesses have complementary capabilities and locations, and this acquisition enables the enlarged business to offer a stronger, broader range of services to our joint customers. We have enjoyed working with the Livingbridge team over the past five years and thank them for all of their help and support during this period in the group’s development.”

Amy Yateman-Smith, Livingbridge, said: “Since our investment in the business, Onyx has gone from strength to strength, expanding across the UK and extending its product portfolio. It has been a pleasure to work with the Onyx team and we are confident that the firm can continue its success as part of Pulsant.”

Livingbridge EP LLP is the operator and manager of Livingbridge 4 LP, Livingbridge 5 LP, Livingbridge Enterprise 1 LP and Livingbridge Enterprise 2 LP and invests on behalf of its institutional clients. It is a limited liability partnership registered in England No. OC311889 and is authorised and regulated by the Financial Conduct Authority (FCA).

Livingbridge VC LLP is the investment manager to and invests on behalf of the Baronsmead VCTs (Baronsmead Venture Trust plc, Baronsmead Second Venture Trust plc, and Baronsmead VCT 5 plc), FPPE Fund plc and Wood Street Microcap Investment Fund.