sold to
- Exit deal
- June 2023
- Value: Undisclosed
Cruise is a Microsoft focussed MSP with deep Power Platform capabilities
100% cash out day-1 obtained for shareholders in sale to UK based PE backed IT player
Global interest generated, including from USA
Cruise is a rapidly growing Microsoft focused managed service provider, which possesses market leading capabilities and experience within the Power Platform.
Cruise’s rapid growth, highly skilled consultants and its enterprise scale client base were of strong interest to potential buyers.
Rickitt Mitchell led a competitive sales process, with interest generated both in the UK and US markets.
Ultimately a UK, Private Equity backed IT solutions specialist was selected as the preferred party, following a competitive bidding process.
A 100% day-1 exit was achieved by shareholders, along with equity incentivisation and participation for key team members who will remain with Cruise post deal.
The operations of an element of Cruise were also carved out and will remain with the shareholders.
The deal will see Cruise integrate directly into the acquirers existing operational structure shortly following the acquisition.
The Rickitt Mitchell team was led by Kaine Smith, Joe Powell and Naomi Hill.
Project Cruise provide a valuable service to their clients, offering insightful analysis on day-to-day operations previously unattainable. Our team successfully identified a strategic acquirer who recognized the value Cruise’s skillset and customer base would bring to their organisation. It was a pleasure to advise the vendors and work diligently alongside other advisors to complete a complex deal. We are delighted to have delivered an exceptional outcome for all stakeholders involved.
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