Scottish entrepreneur Sir Brian Souter’s investment office seals sale in Canada
The private equity-focused firm has signed an agreement to sell Stone Technologies Group, which specializes in “circular” computing, to Toronto Stock Exchange-listed Converge Technology Solutions Corp., an IT and cloud services provider. The transaction, the terms of which were not disclosed, remains subject to regulatory approval.
Stone is described as having served the UK’s public and private sectors for over 30 years, helping thousands of organizations adapt and thrive in a changing technological landscape, including by providing personalized services and providing “reliable” IT support. It aims to have a “real and lasting” impact on the way technology is sold, providing a full circular supply cycle to customers for the benefit of the environment and future generations.
Sir Brian Souter makes massive £109million donation as charities experience ‘s…
Souter, which claims to have invested more than £500m in more than 70 unlisted companies, acquired a majority stake in Stone in 2019, investing alongside its management team and a syndicate of investors managed by the private equity firm RJD Partners.
He added that since the acquisition, Stone has thrived and expanded its range of products, services and solutions, including the rollout of the Stone 360 IT recycling app, which is touted as simplifying end-of-life technology management. , ensuring responsible e-waste disposal and enabling customers to progress towards their sustainability goals.
Lincoln International is acting as financial advisor to Stone shareholders. Dickson Minto is legal counsel for Souter Investments and RJD Partners, with Freeths representing management.
Stone Managing Director Simon Harbridge said: “In 2019 we were looking for the right partner to support the next stage of Stone’s development. It was a pleasure to work with Sir Brian, John and the Souter team as well as David MacLellan and RJD Partners.
“The emergence of Covid on the heels of Souter’s investment confirmed our decision to partner with them, with pragmatic advice and support seen as the norm, allowing us to focus on our growth and transformation strategy. We look forward to continuing our exciting journey as part of the Converge family of companies.
John Berthinussen, Managing Director of Souter Investments, said: “We have truly enjoyed working alongside Simon and his team, who have demonstrated true market leadership and a true commitment to sustainability and tackling the problem of e-waste.
“Stone has experienced tremendous growth, marrying a focus on delivering truly innovative, market-leading products, services and solutions with exceptional customer service, all of which resonate with its customers. We We look forward to seeing this partnership with Converge continue, and wish Simon and his team every success in the future.
The deal follows Souter’s recent sale of Duke Street-backed specialty care provider Voyage Care to infrastructure investment manager Wren House, as well as the IPO of Ashtead Technologies, a co-investment with Buckthorn Partners, which provides subsea equipment leasing, high-tech and support services to the global offshore energy industry.