Clearwater International advises Livingbridge on raising debt facilities to support the investment in North SP Group

Clearwater International has advised Livingbridge, a mid-market private equity investor, on raising debt facilities to support the investment in North SP Group (North), a connectivity and IoT specialist. The investment will support further acquisitive growth and includes the recent acquisition of Data Techniques.

North is a highly technical integrated technology specialist delivering end-to-end networking and IoT application design, implementation, support, and managed services throughout the UK. North prides itself on driving innovation and leading the industry in adoption of emerging technologies. Led by CEO, Glen Williams, North has over 270 staff, of which around 160 provide technical services.

North specialises in the provision of connectivity within complex environments where multiple layers of connectivity are required (e.g. Wi-Fi, IoT, 5G etc). The necessity of the services offering combined with the firm’s unique level of network architecture capability and end-to-end proposition has enabled it to build long-term, multi-year partnerships with a portfolio of blue-chip partners, including Aruba, Cisco and Nokia. North pioneered a ground-breaking pilot with the latter in February 2021, which will see 5G technology deployed in an operational automotive environment for the very first time in the UK.

North’s partnerships also extend to the public sphere. In 2018, the Scottish Government announced plans for a national Internet of Things (IoT) network – the most advanced in the UK – and appointed North to design and deliver the project, providing the infrastructure for companies and organisations to tap into smart sensor applications. More recently, North undertook a large-scale Intelligent lighting project with Aberdeen City Council to replace the city’s existing legacy street lighting with a LoRaWAN IoT network and Central Management System (CMS) based Intelligent Lighting solution.

The investment will support North’s growth strategy and includes its recent acquisition of Data Techniques, which offers a similar proposition and end-to-end capabilities. The combined businesses will operate a national network of highly technical engineers covering the design, build, maintenance, and monitoring of end-to-end IoT solutions and services, becoming a ‘one stop shop’ for customers as they digitise their estates and buildings.

Clearwater International raised debt facilities to support the acquisition and future growth from LGT and HSBC.