Onyx gets £15m injection for acquisition spree

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Onyx gets £15m injection for acquisition spree

Alex Scroxton

Private equity group ISIS Equity Partners has acquired midmarket services provider Onyx Group for £27m, and injected a further £15m into the firm to fund its acquisition strategy.

North-east England-based Onyx has bought a number of firms in the past few years but has put the brakes on its acquisition strategy more recently.

The firm said the latest round of funding will enhance its geographic footprint and its ability to provide localised services to its customer base.

Onyx CEO Neil Stephenson said that winning new backing for the firm would bolster its position within the datacentre, business continuity and cloud space/

"It highlights the commotment and sheer hard work of our people in ensuring that Onyx continues to differentiate itself from competitors in the market, through the development of bespoke IT solutions," he said.

Mark Advani, who managed the investment on behalf of ISIS, said the group was "looking forward greatly to helping them [Onyx] accelerate their growth whilst building on their high-touch, local service proposition."

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