Digital Technology Services business, Incremental Group, launches with acquisition of North East IT company, supported by Maven Capital Partners

Led by former Lockheed Martin BTS CTO and current chairman of The Data Lab, Neil Logan, Incremental Group has acquired First eBusiness Solutions. Based near Aberdeen, the 34-strong award-winning Microsoft Dynamics ERP and infrastructure specialist has a strong client base in the public and commercial sectors, including oil and gas.  The Incremental team plans to grow the customer base in these sectors, together with Financial Services and the larger corporate market overall.

Incremental Group is financially backed by Maven Capital Partners and the Scottish Investment Bank.

The co-founders Neil Logan, Craig Donnelly and Stuart Kerr bring extensive industry experience as part of the senior management team from Amor Group and, subsequently, Lockheed Martin.  From its base in the Tontine building, a flagship project of GCC as part of the City Deal, the team has ambitious plans to grow revenues beyond £20m organically and, where opportunities present themselves, by acquisition both in Scotland and across the UK.140 new jobs are planned to be created in delivering the forecast growth.

Incremental Group CEO and co-founder, Neil Logan, said: “Digital technology continues to evolve at a rapid rate.  We created Incremental Group to support organisations by working with them over the long term to deliver digital solutions that enable businesses to do more.  We are delighted to complete our first acquisition.  First eBusiness has a well-deserved reputation for technical excellence and solid basis for future growth. We welcome Maven and SIB onboard as our new investors. Both have considerable experience and expertise across the tech space with a number of successful investments under their belts and we look forward to their input in helping to grow our business.                                                                         

Julie Glenny, Investment Director at Maven, added: “We have been very impressed by the incoming Incremental management team, who are extremely well-regarded within the sector and bring a wealth of experience and an excellent track record of success. The business is well placed to expand both organically and through acquisition, and we’re delighted to be backing this team and its growth strategy.”

Kerry Sharp, Head of the Scottish Investment Bank, commented: “Scottish Enterprise has been working with the Incremental management team and supported them from the outset in this exciting new venture. In addition to the investment, Incremental has drawn support from our scaling account management service, financial readiness, and innovation teams. We look forward to continuing to work with the company and our partner Maven as the business develops and expands.”

Principals and key advisors to the transaction:

Legal advice by Blackwood Partners, Burness Paull and Maclay Murray & Spens,

Commercial due diligence by CIL, 
Insurance due diligence by Lockton,
Financial due diligence by BDO,
Management referencing by Catalysis,
Tax advice by BDO.

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Further information

For media enquiries or any questions about the investment, please contact:

Maven Capital Partners

Julie Glenny                            0141 206 0122            julie.glenny@mavencp.com

Morgan Rossiter (PR to Maven)

Richard Morgan Evans           020 3195 3240            rmorganevans@morganrossiter.com
Tania Wild                               020 3195 3240            tania.wild@morganrossiter.com

Notes to Editors

About Maven Capital Partners UK LLP       www.mavencp.com

Maven Capital Partners UK LLP (Maven) is a lower-mid cap private equity house focused on the provision of growth capital and mezzanine finance to SMEs across the UK. It is one of the most active private equity fund managers in the country, managing over £400 million of assets for a variety of client funds, including Venture Capital Trusts, the Scottish Loan Fund, the Greater Manchester Loan Fund, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

Headquartered in Glasgow, and with five other offices throughout the UK, Maven has nationwide coverage of the market for SME finance and is introduced to around 400 deals per year through 20 regionally based investment executives. With around 50 staff and partners, Maven executes a range of private company transactions, offers hands-on proactive portfolio management to investee companies and provides a fully integrated back-office support function to client and third party fund managers. Since 2009 Maven has invested over £285 million in SMEs across the UK.

About the Scottish Investment Bank

The Scottish Investment Bank (SIB) is the investment arm of Scotland’s main economic development agency, Scottish Enterprise, operating Scotland-wide in partnership with Highlands and Islands Enterprise. It manages a suite of co- investment funds including the Scottish Co-investment Fund and the Scottish Venture Fund, which are partly funded by the European Regional Development Fund (ERDF), Renewable Energy Investment Fund and the Scottish Recycling Fund. SIB is the cornerstone investor in the privately-managed Scottish Loan Fund, managed by Maven Capital Partners and an investor in Epidarex Capital’s life sciences fund. Our investment funds support Scotland’s SME funding market to ensure businesses with growth and export potential have adequate access to growth capital. We also provide a team of Financial Readiness specialists to help companies prepare for new investment and access appropriate finance.