Tenzing’s CTS acquires Sprout IT and CBS to form legal sector powerhouse
London, 27th November 2020 – UK lower mid-market investor, Tenzing, announced today that its portfolio company CTS has acquired two legal specialist managed service providers, Sprout IT and City Business Solutions (CBS).
The addition of Sprout IT and CBS is an important step in CTS’ journey, as the company becomes the leading cloud and managed IT provider to the UK and Irish legal sectors. Founded in 2006, CTS’ philosophy is grounded in delivering a highly specialised service to their legal sector clients. Partnering with the world’s leading legal software and services vendors has helped CTS achieve strong organic growth, which is set to continue as the firm continues to tailor its offering to both law firms and barristers’ chambers.
The combined group will operate under the CTS brand, cementing CTS’ market-leading position in the UK and Irish legal sectors.
Sprout IT and CBS share CTS’ culture and track record of focusing on strong, mutually-beneficial, long-term client relationships, sustained double-digit organic growth and a clearly differentiated sector specialist offering. They have similar core values and capabilities, with experienced management teams who will be staying with the business to support future growth and integration.
Nigel Wright, CEO of CTS, commented: “Today we are delighted to welcome our new colleagues from Sprout IT and CBS to the CTS family. These acquisitions underline our commitment to the sector and to our mission to become a legal sector powerhouse. What drives us is a relentless focus on the legal sector, enabling our team to deliver a level of expertise and understanding that our competitors cannot match, from which clients derive clear, transformative value. We have lots of exciting services designed for the legal sector in the pipeline, which we hope to bring to market in 2021, together with plans to further invest in our business to the benefit of our clients”.
Guy Gillon, Co-Founder and Managing Partner of Tenzing, commented: “We’re delighted to have supported the CTS team on these two acquisitions and would like to extend a very warm welcome to our new colleagues from Sprout IT and CBS. CTS is already a high-growth, market leader, and we expect these acquisitions to accelerate the firm’s trajectory as it continues to deliver highly specialised services to its legal sector clients.”
Tenzing is an independent private equity firm, based in London, that targets buyout investments in high growth businesses, valued between £10m and £200m, across the UK, Ireland and Northern Europe. Founded in 2015, the firm invests in tech and tech-enabled niche market leaders and challenger businesses.
The firm believes in supporting, inspiring, and investing alongside high energy, high-performance management teams with which it has a shared vision. Tenzing brings unique access to a select group of entrepreneurs, its Entrepreneurs Panel, who have founded and grown some of the best lower middle market SMEs through multiple successful phases of private equity investment.
Access to this entrepreneur-led growth team provides the Tenzing portfolio companies with unrivalled insight, experience, and mentoring to support their high growth development.
For more information, please visit: https://tenzing.pe