The UK's "largest Apple reseller" Jigsaw24 rakes in more than three-times money invested as private equity owner sells up

Lucy White
Software business Matrix will be spun out in the sale (Source: Getty)

Jigsaw24, the UK's "largest Apple reseller" according to the company, has raked in a return of 3.1 times money invested for its private equity owners.

The business, which also provides IT and consultancy services, has been sold by NorthEdge to fellow private equity firm Alcuin Capital Partners.

Jigsaw24, which counts names such as Barclays, Disney and Channel 4 among its clients, has grown sales by more than 120 per cent under NorthEdge's five-year hold, reaching £125m of sales in the year to May 2017.

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“It’s been an incredible five years," said Martin Balaam, the chief executive of Jigsaw24 who will now leave the business.

"We are only at the start of the adoption of Apple and creative technology – not only within the creative industry but also the broader commercial and enterprise business, as 'mobile first' is now reality and businesses have digital transformation at the top of their strategies."

When NorthEdge backed Jigsaw24 in 2013, the aim was to help the business expand and cater to the popularity of creative technology in the workplace and demand for video content.

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Since then, the Nottingham-based company has doubled its earnings before deductions to more than £4m and scooped up three competitors – business-to-business Apple reseller Square Group, automated catalogue production software business Matrix Software Development and storage and service provider Root6.

Balaam will depart Jigsaw24 to lead Matrix Software Development, which will be spun out into a separate business continuing with NorthEdge's backing as part of the transaction. Over the last 18 months, Matrix has launched a product information and digital asset management software platform called Pimberly.

Roger Whittle, Jigsaw24's managing director and founder, will now continue as chief executive.

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