FluidOne CEO Russell Horton (pictured) led a management buyout in 2019, backed by mid-market private equity firm Livingbridge and using an M&A facility from HSBC. PSU is the company’s first acquisition under Horton’s leadership.
Horton said, “Our vision at FluidOne is to become the best quality Connected Cloud Solutions Provider to UK Businesses. Taking our market leading connectivity services, delivered via our national fibre network Platform One, our strategy is to acquire quality businesses with skills in IT Services, Unified Communications and Advanced Security, and combine these with connectivity to help customers create multi-cloud and multi-connected environments that are secure and simple for them to use, whilst delivering a fantastic customer experience from end-user to application.”
Founded over 30 years ago, PSU is a £6m revenue business with over 450 customers. The company has expertise in solution sales to the mid-market and has a team of 38 staff, based in Cheltenham. Owner and managing director Nigel Davies has been with the business for 20 years.
Horton added, “Having known Nigel for 9 years, I approached him late last year to discuss the opportunity, because, knowing PSU, I felt it would be a strong addition to our portfolio, with complementary services to help enhance our Connected Cloud solutions. The initial lockdown delayed our plans and I am very pleased that we were able to carry out detailed due diligence and a joint business planning exercise whilst working remotely. The customer and staff interviews reinforced what a high-quality business PSU is, with a strong solution set and staff who build great customer relationships and go the extra mile to solve their customer’s problems. I am excited to be working with Nigel and the PSU team to invest in and grow as our centre of expertise for IT Services and Unified Communications, cross-selling into the FluidOne customer base.”