A £32m-turnover pensions administration software company in Altrincham is to be acquired by a fund controlled by investment giant BlackRock.
BlackRock Long Term Private Capital (LTPC) has reached an agreement to acquire Aquila Heywood for an undisclosed sum believed by Sky News to be £350m.
The existing management team, led by chief executive Andy Ross will remain with the business.
The partnership with Aquila Heywood is BlackRock LTPC’s third investment overall and second in Europe.
Ross said: “I am very excited to have the opportunity to develop a strategic partnership with BlackRock Long Term Private Capital.
“Through this relationship we will be able to enhance the value we offer to our customers by making further strategic investments in our software and technology platforms, as well as growing our highly skilled team of people.
“BlackRock LTPC are ideal partners given their sustainable and long-term approach and we look forward to working closely together on the next phase of our growth.”
Aquila Heywood’s customers include Asda, Fujitsu and Kier.
Dag Skattum, head of European office, Long Term Private Capital, added: “It is a privilege to be partnering with the management team of Aquila Heywood to continue to grow this market-leading and differentiated business.
“LTPC focuses on partnerships with best-in-class businesses and uses a longer-term investment duration and a prudent approach to capital structure in an effort to generate sustainable growth across our portfolio on behalf of our investors.
“We see great potential in the strategy, product offering and leadership team driving Aquila Heywood and we look forward to a long and fruitful partnership.”
According to documents filed with Companies House, Aquila Heywood’s turnover for its most recent financial year, to 30 April 2020, totaled £32.4m while its pre-tax profits were £21.7m.
