Aspire Technology Solutions, the provider of managed IT, cyber security, and modern workplace solutions with offices in Leeds, has secured a new round of investment from private equity investor LDC to accelerate the company’s expansion and support its acquisition strategy.
LDC has reinvested for a significant minority alongside new minority co-investor Federated Hermes.
In the three years since LDC’s original investment in 2022, Aspire has delivered strong and sustained growth, with revenue up 158% and headcount increasing 55%. The company has also expanded its UK reach and completed two strategic acquisitions: Glasgow-based Cloud Cover IT in 2023 and Leeds-based CloudCoCo in 2024. This latest investment positions Aspire to accelerate its plans and advance toward its £100 million revenue target for 2030.
Aspire exceeded its £50 million revenue milestone in the financial year to February 2025, two years ahead of plan. The company now expects £71.2 million revenue and £13.5 million EBITDA in the current financial year.
The value of the business has risen from £85 million in 2022 to £192 million today.
Chris Fraser, founder and CEO of Aspire, said: “This investment marks an important new phase for Aspire. Our growth has always been driven by a clear focus on our customers and on delivering innovative solutions with exceptional service. That focus has set us apart and it remains the foundation of everything we do.
“LDC has supported our ambition since 2022 and their continued partnership as a lead investor, now alongside Federated Hermes, gives us the platform to move forward with confidence. Our direction is clear. We will continue to scale through sustained organic growth and customer focus.
“This investment enables us to further strengthen our capability and deliver across the UK. We see significant opportunity ahead and we are committed to growing in a way that brings customers even greater value, service and security.”
The transaction was led by LDC’s Gareth Marshall, partner and head of North East and Scotland, and investment manager Emma Borrie.
Gareth Marshall added: “Since our initial investment, Aspire has more than doubled in size while successfully integrating two complementary acquisitions and maintaining the customer service standards that set them apart in the market. The organic growth rates they’re achieving are genuinely market-leading for the sector.
“As lead investor, we’re excited to continue to support Chris and his team through this next phase. With Federated Hermes joining as a co-investor, Aspire has the platform to pursue both organic expansion and a more active M&A strategy in a market where demand for managed IT and cyber security services shows no sign of slowing.”
As part of the transaction, Tim Hipperson steps down as non-executive chair after three years of significant contribution during Aspire’s first private equity phase. Chris Fraser said: “Tim has played a key role in accelerating Aspire’s growth trajectory over the last few years, completing this second investment round is a testament to the strength of the team he has helped develop.”
David Murray will join Aspire as non-executive chair, bringing more than 30 years of experience in supporting technology business growth.
LDC was advised by Clearwater (corporate finance and debt advisory), Womble Bond Dickinson (legal) and KPMG (tax). Management was advised by Muckle (legal) and BDO (FDD/tax). Federated Hermes was advised by Morgan Lewis (legal) and Alvarez & Marsal (tax). Debt financing for the transaction was provided by Five Arrows.
