Aspire Technology valued at GBP £192m in LDC deal

Aspire Technology Solutions has secured fresh backing from private equity house LDC and new co-investor Federated Hermes in a transaction that values the North East-based managed IT provider at £192 million.

The deal marks a sharp rise in valuation for Aspire. The business was valued at £85 million in 2022.

LDC has reinvested for a significant minority shareholding. Federated Hermes has taken a new minority stake.

The company said the investment would support further UK expansion. The board also plans a more active acquisition strategy.

Aspire reported strong growth over the past three years. Revenue has risen 158% and headcount has increased 55% since 2022.

The business now employs more than 300 staff. They are based across offices in Gateshead, Glasgow, Leeds, London and Stockton.

Aspire exceeded its £50 million revenue milestone in the financial year to February 2025. Management had originally targeted that level two years later.

The company now expects revenue of £71.2 million in the current financial year. It forecasts EBITDA of £13.5 million.

The new funding supports Aspire's stated goal of reaching £100 million in annual revenue by 2030. The company said the latest transaction gives it a stronger balance sheet for expansion.

Founded in 2006 and headquartered in Gateshead, Aspire provides managed IT, cyber security and modern workplace services. It also offers cloud, connectivity and unified communications.

The company said it now supports more than 2,000 organisations. It serves over 30,000 end users across the UK.

Customer satisfaction remains a key metric for the business. Aspire reported a Net Promoter Score of 87.2.

Founder and Chief Executive Chris Fraser said the new investment represents a milestone for the business.

"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," said Chris Fraser, Founder and CEO, Aspire.

Fraser said the renewed support from LDC, alongside a new institutional investor, provides a base for the next stage of growth.

"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," said Fraser.

The company's growth since 2022 has combined organic expansion with acquisitions. It has increased its presence beyond its North East base and now operates on a national level.

Aspire bought Glasgow-based Cloud Cover IT in 2023. It acquired Leeds-based CloudCoCo in 2024.

The two deals added more than £10 million in revenue. They also created new regional hubs for Scotland and Yorkshire.

The business has increased investment in core infrastructure during this period. It has committed capital to private cloud, network upgrades and AI-based tooling.

Aspire's development has drawn external recognition.

In May 2025, the company received a Royal Warrant from King Charles III for services to the Royal Household. It is one of 16 companies in the North East that hold this distinction.

Aspire was also named Technology Business of the Year 2025 at The Lloyds British Business Excellence Awards. The award recognised its growth record and market presence.

Investor backing

The transaction was led by Gareth Marshall, Partner and Head of North East and Scotland at LDC, and Investment Manager Emma Borrie. LDC first invested in Aspire in 2022.

Marshall said Aspire has maintained rapid organic growth while integrating acquisitions.

"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," said Marshall.

Debt financing for the transaction came from Five Arrows. The parties did not disclose the size of the debt package.

Board changes

The deal triggers changes to Aspire's board. Non-Executive Chair Tim Hipperson is stepping down after three years in the role.

Fraser said Hipperson had made a significant contribution during Aspire's first phase under private equity ownership.

"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," said Fraser.

David Murray will join Aspire as Non-Executive Chair. He has more than 30 years of experience in technology-focused businesses.

Aspire said the new investment and board changes position the company for further UK-wide growth and more deals in the managed IT and cyber security market.