Beech Tree Private Equity backed BCN Group announces the acquisition of Xicon Cloud ("Xicon"), a cloud solutions managed services provider based in Warrington, as part of its ongoing buy and build strategy.
Beech Tree Private Equity, the specialist buy and build investor in high-growth sectors, today announces that its investee company BCN Group has acquired Xicon, in a multi-million pound deal. Terms of the deal are not disclosed. This represents the 3rd acquisition since Beech Tree's investment in 2018 following the acquisitions of Leeds-based Blue Logic in 2019 and Runcorn-based Polymorph in 2020.
Xicon Cloud was established in 1991 and has built a formidable reputation for delivering highly resilient and high performing cloud platforms for business and mission critical applications. The company has enjoyed strong organic growth in recent years and the acquisition merger will further boost BCN Group's annuity contract revenue and margin.
The acquisition allows BCN Group to strengthen its best-in-class capabilities in managing and supporting business-critical applications in secure private cloud environments. Warrington-based Xicon Cloud brings strong expertise and experience in public sector healthcare, being an accredited partner for the NHS' Health and Social Care IT Network (HSCN), complementing BCN Group's existing G-Cloud offering. The NHS HSCN provides reliable, efficient and flexible ways for health and care organisations to exchange electronic information.
Simon Kelf, chief executive of BCN Group, said: "The acquisition of Xicon Cloud significantly strengthens our cloud product and service offering and provides a tremendous opportunity for BCN Group to further cement itself as a leading provider of cloud solutions. In addition, I have been very impressed by the skills and talents of the Xicon Cloud team, who will be a great addition to BCN Group. I am incredibly excited about the growth potential this acquisition has created and how it will allow us to accelerate our business."
Simon Heyes, Chief Executive of Xicon Cloud, added: "This exciting opportunity will allow both organisations and our customers to benefit from the joint capabilities of a larger team and wider product portfolios."
Funders of the transaction:Beech Tree Private Equity –Adam Rudd and Luke Burns
Advisers to BCN and Beech Tree Private Equity:Transaction Legals: DLA Piper (James Kerrigan and Chris Wilson)Financial Diligence: DSW (Ed Brentnall)