Financial Advisor
Trustmarque Group & Ultima Business Solutions
M&A Advisory
A Portfolio Company Of
Has Merged With
A Portfolio Company Of
Transaction Details
On November 3, 2025, Trustmarque Group, a leading technology services partner and Ultima Business Solutions, a premier managed services provider, announced the formal completion of their merger, creating a new technology powerhouse in the UK IT services market.
The combined business now comprises over 1,000 employees, serves more than 3,000 customers across 7 locations in the UK and globally, and is targeting Gross Invoiced Income (GII) growth to exceed £1 billion. It counts Microsoft, Cisco, IBM, Hitachi Vantara, HP, Palo Alto and Citrix in their top strategic vendors.
Stephens served as financial advisor to both One Equity Partners and Apse Capital on the merger.
About the company
Trustmarque Group (portfolio company of One Equity Partners)
Trustmarque delivers integrated services that support UK organisations through every step of the IT investment process, from solution development through technology provision to deployment and on-going support. The business operates across many core sectors – healthcare, central and local government, and corporates – and has been helping customers transform, integrate and simplify their technology and IT services in a compliant way for more than 35 years. In 2022, Trustmarque was acquired by One Equity Partners, a US-based private equity firm investing in middle-market businesses across industrial, healthcare, and technology sectors in North America and Europe.
Ultima Business Solutions (portfolio company of Apse Capital)
Ultima works with organisations across private and public sectors to deliver resilience, revenue growth and reputational health. Their 30-year technology experience, multi-skilled teams of experts, AI powered solutions and 24/7 managed services provide customers with the confidence and security. Ultima has an in-house software automation unit, Ultima Labs, helping businesses adopt AI-enabled smart software for IT operations optimisation. Founded in 1990 and headquartered in Reading, Berkshire, the company has continued to innovate since inception, staying at the forefront of technology. In 2019, Apse Capital, a private equity firm specialising in buyout and development capital investment opportunities, acquired a majority stake in Ultima.
Source: Company Materials.
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