Souter Investments and RJD Partners have sold Stone Technologies Group to Converge Technology Solutions
Stone Technologies Group
Stone Technologies Group is a leading specialist information technology (IT) services provider with end-to-end IT capabilities and a fully accredited comprehensive IT asset lifecycle offering, providing highly desirable circular economy solutions. With more than 30 years of experience in IT, Stone is a well-established, long-serving provider to the education and wider public sector markets as well as targeted private sector verticals.
The Deal
Lincoln International acted as the exclusive financial adviser to the shareholders of Stone. Working closely with the shareholders and management team, Lincoln provided comprehensive market and buyer insights, strategic advice as well as hands-on execution support, including preparing the company for sale and managing the complex execution of a cross-border transaction to Converge Technology Solutions (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF). Transaction close is subject to conditions, including regulatory approval.
Simon Harbridge, Chief Executive Officer of Stone Technologies Group, commented, “We are delighted to be joining the Converge Technology Solutions family of businesses. As a growing organization with a strong team and a great platform for significant expansion in the UK and Europe, joining Converge is a benefit for both our clients and Stone’s employees. We are extremely grateful to Lincoln for their strategic advice as well as hands-on execution support throughout the transaction.”
Our Perspective
Chris Brooks, Managing Director in Lincoln’s Technology, Media & Telecom Group, stated, “We are very pleased to have supported the shareholders on this transaction, and in what continues to be a very active global IT services market. Stone is a sizeable platform asset which, coupled with our international reach, meant we were able to gather significant interest from a number of North American and European organizations, which are increasingly looking again to enter the UK market. We expect this increased cross-border activity to continue.”
Lincoln has done an excellent job in guiding us through this process. The team’s deep sector insights provided us with clear advice in articulating the Stone proposition and its unique selling points to the market. This, together with their transaction commitment and execution capabilities, was instrumental to the successful outcome.
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