Rigby Group (RG) plc, the parent company for a portfolio of family-owned and highly successful businesses operating across Europe, the Middle East and Asia, has sold leading data connectivity aggregator FluidOne to Livingbridge for an undisclosed sum.
Rigby Group initially invested in Fluidata in 2015 to drive the next phase of growth for the leading data connectivity business, which had been founded in 2006 by Piers Daniell. Following the investment, Fluidata acquired OnePoint, a voice and mobile specialist, creating FluidOne in 2016, at which point Rigby Group became the sole owner of the enlarged business.
FluidOne’s growth has been driven by an expansion of its routes to market with a strong mix of both channel and direct sales, the latter aided by a focus on the mid-to-large enterprise segment. The business is now headed up by Russell Horton (CEO), Hemant Patel (CFO) and co-founder Chris Rogers (COO). Piers Daniell, previously Chairman of FluidOne, steps down as part of this transaction, as does Steven Rigby, Rigby Group COO and John Taylor, Rigby Group executive.
Importantly, FluidOne remains the preferred communications partner for SCC and Group companies and will continue to work closely in the delivery of services to customers.
Steven Rigby, Group Chief Operating Officer, said: “We are delighted with the growth of the business over our period of ownership and are appreciative to Piers for his support in the transition from founder to a new management team.
“We believe Livingbridge has a great business to take forward in the next chapter of its development and one which operates in the dynamic and fast-growing market of IOT, Cloud and mobility connectivity. During our time with the business we have seen it scale up, delivering strong financial performance while maintaining its collaborative culture. We wish the leadership team all the very best for the future.”
Deloitte Corporate Finance acted as lead advisor to Rigby Group on the sale. Commenting on the transaction, Darren Boocock, Advisory Partner at Deloitte, said: “We are very pleased to have advised Rigby Group on the successful sale of FluidOne. Under Rigby’s supportive ownership, significant investment has been made in FluidOne’s leadership team and capability. This proved very attractive to Livingbridge, who recognise the inherent value of FluidOne’s offering, market position and platform for growth.”
Gowling WLG provided legal advice to Rigby Group Finance Limited. A combined corporate, commercial and tax team was led by Ragi Singh, Corporate Partner at Gowling WLG.