LDC exits IT consultancy Littlefish

Bowmark Capital has bought Littlefish after a three-year partnership with LDC.

  • Littlefish is an IT consultancy that offers managed IT, cyber security and cloud services
  • Since LDC’s minority investment in April 2019, Littlefish has almost doubled revenues from £18.6 million to £36.4 million
  • Littlefish has more than doubled its headcount to over 450 employees across the UK

LDC has announced that it has exited its investment in Littlefish to Bowmark Capital after a three-year partnership with the IT consultancy.

Littlefish, headquartered in Nottingham, England, offers managed IT, cyber security and cloud services to public and private clients. Since the minority investment from LDC in April 2019, Littlefish has almost doubled revenues from £18.6 million ($22.0 million; €22.0 million) to £36.4 million in its latest financial year. The company has also more than doubled its headcount to over 450 employees across the UK.

The buyer, Bowmark Capital, is a London-based private equity firm founded in 1997 that invests in technology and services companies.

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

The exit is LDC’s fifth in the last 12 months. LDC has also invested over £250 million in more than 10 tech-led businesses in the past 12 months including an investment in digital transformation provider CTI Group, IT services specialist Aspire and mobile and internet of things communications company Cellhire.

“Littlefish is a stellar example of our growing tech industry here in the heart of the East Midlands,” said David Bains, partner and head of the East Midlands and East of England at LDC. “Its expansion is testament to the strength of the proposition that Steve and his team have developed. We’re proud to have been part of their journey during this exciting time, and we wish them every success on the next stage of their journey.”

LDC is the private equity arm of Lloyds Banking Group and is based in London. It has a portfolio of 90 businesses across the UK and invests across sectors including construction and property, financial services, industrials, retail and consumer, financial services, TMT, travel and leisure, and support services. It has pledged to back at least 100 new mid-market companies over the next five years.