Arrow Business Communications has acquired Pescado for an undisclosed sum. This is Arrow’s fourth acquisition this year and comes two weeks after it bought AIMES Management Services.
Pescado was founded in 2006 by Fraser Watson, group managing director, and Jonathon Weeks, group financial director. It is a mobile, hosted and IT solutions provider based in the north-west, but with operations across the country.
Pescado and Arrow said they have “much in common”, with both companies delivering a similar range of solutions from the same suppliers to customers in all industry sectors. All of the directors and employees of Pescado will now work within the Arrow group, ensuring a smooth transition for all clients.
Richard Burke, CEO at Arrow Business Communications (pictured), said, “I’m really looking forward to welcoming the vastly experienced Pescado team to Arrow and working alongside them to drive the organic growth of some key solution areas across the Group. Their sales-focused mentality, combined with Arrow’s broad product offering and expertise, will significantly enhance our ability to win in the marketplace.”
Evolution Capital advised Pescado ahead of the transaction. Duncan Gregory, transaction services director, Evolution Capital, explained, “We have been delighted to collaborate closely with the team at Pescado over a very bumpy period for business globally thanks to the Covid pandemic. The company was a compelling proposition, and we were pleased to help them achieve such a great strategic fit which will ensure an exciting future as part of Arrow Communications.
“No-one could predict [at the start of the first national lockdown] whether buyers would retreat as a result of the unusual events but, given our industry knowledge and expertise, we were able to maximise value despite a challenging macro-economic period. We are delighted for all parties.”
Pescado’s Fraser Watson, group managing director, commented, “Duncan and Sam at Evolution Capital educated us throughout the whole sales process which we were naïve about to begin with. They always kept us very informed and prepared us, along with the business, right from the start on how the following weeks and months were likely to unfold. Both of our main contacts at Evolution Capital left no stone unturned and were available to us for support and guidance at any time. We saw a number of advisors before we settled on Evolution Capital but chose them because we were so impressed by their incredible in-depth knowledge and understanding of our complex industry.”
Jonathan Weeks, group financial director, Pescado, added, “We were warned that selling our company could be painful at times – and it was – so we were so glad that we had the support of Evolution Capital who walked closely beside us throughout the whole journey. We have already recommended them for their exemplary professionalism and wouldn’t hesitate to do so again.”