Newbury: Roc Technologies acquires City Change Management in seven-figure deal

Newbury-based Roc Technologies has acquired project management firm City Change Management in a seven-figure deal backed by the BGF and HSBC and advised by Grant Thornton and Shoosmiths.

Roc, a business transformation services provider, works with clients across both public and private sectors. In 2016, it was named the UK’s fastest growing IT services provider in the Sunday Times Hiscox Tech Track 100.

After identifying City Change Management (CCM), a rapidly growing project and programme consultancy based in London, as its first acquisition target, Roc appointed Grant Thornton’s Thames Valley corporate finance team to manage the process.

BGF was chosen as investment partner because of its attractive investment terms and a clear cultural fit with the Roc team. As lead advisers, the Grant Thornton team supported in developing Roc’s business plan, providing hands-on support in modelling and collating the data and negotiating the key terms of both transactions alongside the Roc team.

Matt Franklin, CEO of Roc Technologies, said: “We are extremely grateful for the complete commitment and support provided to us by the Grant Thornton team and all of our advisers. This transaction was extremely complex and time consuming. The fact that we managed to achieve a successful completion with BGF as well as acquire CCM highlights the tenacity and quality of all involved.”

Wendy Hart, corporate finance partner at Grant Thornton, commented: “The completion of this transaction is a fantastic result for all concerned. Roc is one of the most rapidly growing businesses in the Thames Valley and that is testament to the energy and talent of the management team.

“Building a transaction to meet the needs of all parties has been a challenging but rewarding experience and my team are rightly proud of the outcome and of the very hard work that has delivered it.”