CAE Technology Services, the IT infrastructure solutions provider, has changed ownership in a management buyout by existing directors of the company. Caerus Assets, a vehicle owned jointly between Justin Harling and Richard Behan, CEO and COO of CAE Technology Services respectively, was used to complete the MBO.
The move comes as the Cisco Gold Partner exceeds an annual turnover of over £100m for the first time. The acquisition has been funded through CAE’s existing bank relationship and structure, and does not involve any other third parties in terms of funding or ownership.
CEO Harling said: “Richard and I passionately believe that CAE has the potential to be one of the most influential suppliers of IT Infrastructure solutions. We are confident that this acquisition will put CAE in the best possible position to move forward with purpose, pace and agility.”
He added: “We have enormous desire to see what can be achieved with the amazing teams that exist throughout the business.”
Sales at CAE hit £104m for the year ending 30 June 2018. Harling joined CAE in 2000, and then became its managing director and a shareholder in 2004. He became CEO this May.
