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08 August 2019

BDB Pitmans advises Ultima Business Solutions on its significant investment from Apse Capital

Leading law firm BDB Pitmans has advised intelligent infrastructure technology specialist Ultima Business Solutions (‘Ultima’) on its acceptance of a considerable investment from European private equity group, Apse Capital (‘Apse’). Apse has purchased a majority stake in Ultima – the value of the investment is not disclosed.

Headquartered in Reading and founded by Max McNeill, Ultima is one of the UK’s leading IT infrastructure partners with an annual turnover of £110.3 million. Ultima partners with prominent industry vendors to support the technology infrastructure needs of its clients. Apse’s investment was driven by the growth prospects of Ultima which is aligned with Ultima’s move into Intelligent Automation (‘IA’) – augmenting its core infrastructure delivery. The investment will assist with the finance of selective mergers and acquisitions, in turn, extending Ultima’s reach into the cloud and managed services space and accelerating Ultima’s overall capability to create a leading IA infrastructure service for UK companies.

Having worked with Ultima and its founder Max McNeill for over 20 years, the corporate and commercial team at BDB Pitmans, led by partner John Hutchinson, advised on the transaction. John was supported by Stephanie Perry, Daniela Munro and Michelle Gorman. Lincoln International advised Ultima on the corporate finance aspects of the deal and Apse Capital instructed Kemp Little.

Andrew Smith, managing partner at BDB Pitmans, comments:

‘BDB Pitmans is proud to be at the forefront of this milestone for Ultima Business Solutions as Apse Capital secures a majority stake in the company. The team in Reading worked diligently to ensure the desired outcome for our longstanding client and the continuation of Ultima’s considerable success.’

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