The UK’s leading engineering distributor, Troy Group, has acquired award-winning technology firm Applegate, with its online marketplace, extensive data and artificial intelligence capabilities.
Applegate brings longstanding academic relationships with Exeter and Plymouth universities, which have supported the development of innovative machine learning technology.
“Data and technology will power the future of our industry,” said Troy Group Chief Executive, Paul Kilbride. “As our business continues its rapid expansion, it’s vital we use great technology to support our members in delivering exceptional service to customers. Acquiring Applegate adds to the brilliant team we already have; I’m excited about incorporating the digital marketplace into our offering and the services this will enable us to develop.”
For Applegate’s CEO, Stuart Brocklehurst, the move is a natural fit. “I’m delighted to announce that Applegate Marketplace Ltd has been acquired by Troy. The business will remain based in North Devon, and all our colleagues stay with us – indeed, this provides great opportunities ahead for the team. From the start of the conversation with Troy I’ve been impressed by the clarity of their vision, and also by the clear sense of a strong moral compass guiding everything they do. We couldn’t be going to a better home”
Isca Ventures acted as the lead corporate finance advisers on the transaction. “We valued the advice and support of Isca Ventures throughout the transaction. In Troy they identified the ideal acquirer of our business” added Stuart Brocklehurst.
“We have no doubt Applegate will realise its full potential as part of the Troy Group, and that the data and technology expertise of Applegate will enable Troy Group to continue its impressive growth plans. We were delighted to work with both businesses to deliver this transaction” said David Bird, Partner, Isca Ventures LLP.