Private equity firm Maven and Scottish Investment Bank (SIB) have announced their profitable exit from Incremental Group, a digital technology services specialist, delivering a 4.1x return for investors.
Incremental Group, a company known for offering digital technology services and employing 125 staff across various locations in the United Kingdom, has been acquired by private equity firm Dunedin. The transaction marks Maven and SIB’s successful investment, which began in 2016.
Incremental Group assists clients in designing, implementing, and managing IT infrastructure, with services including ERP, CRM, cybersecurity, and digital applications. Since the initial investment, the company’s order book has significantly expanded, growing more than four-fold compared to the previous year.
In the current financial year, Incremental Group’s revenue increased by 60 percent to £6.6 million, while EBITDA doubled to £1 million. Investment director Julie Glenny remarked, “Generating a 4.1x return in just two years stands as a testament to the Incremental management teams’ ability and ambition to build a successful digital services business, but also Maven’s capability to support entrepreneurial smaller businesses and help them achieve their growth aspirations.”
Kerry Sharp, head of the SIB, added, “This is an excellent example of our investment funding helping an ambitious management team to create a business of scale. More broadly, Scottish Enterprise has been working with the Incremental team since inception, supporting a range of initiatives, including growing their talented workforce, and we look forward to continuing this support going forward.”
Incremental has become one of the largest Microsoft Dynamics Partners in the UK, working with notable clients such as Aggreko, Total, and Scottish Leather Group. Its acquisition by Dunedin is anticipated to facilitate the next phase of growth, with targets of achieving £60 million in revenue, £10 million in EBITDA, and a workforce of 500 by 2022.
The acquisition of Incremental Group by Dunedin underscores the significant growth and success achieved under Maven and SIB’s investment, reflecting the company’s strong future prospects in the digital technology services sector.
