In October 2020, the mid-market private equity house LDC sold portfolio company Mitrefinch to Advanced, the UK’s third-largest provider of business software and services.
Mitrefinch is a global provider of workforce management solutions. LDC’s successful exit is the result of a four-year journey that enabled Mitrefinch to invest in the technology required to create a market-leading SaaS offering. During the partnership with LDC, Mitrefinch increased international sales, establishing operations in the US, Canada, Ireland and Australia. Overall, the business doubled turnover, reaching £24 million, and increased employee number by 64%.
As part of this growth journey and to facilitate LDC’s exit, Rowan were bought in to recruit a Chief Financial Officer. In January 2017, Rowan Group appointed Ian Jefferson to the role.
Mitrefinch Chief Executive, Matt Jenkins, stated that “the team at LDC has played a key role in championing our expansion over the last four years. LDC backed the leadership team here at Mitrefinch to deliver on our growth plans, and it’s been great to have them in our corner”.