Completed sale
How RedKeyIT IT Software & Support Was Sold to EAC Network Solutions
RedKeyIT sold to EAC, a second-time buyer with Knightsbridge…
104 NDAs / 6 offers / 12x multiple / 7-month sale from going live
Boasting positive numbers, we sold a client-focused managed services provider that delivers IT support and consultancy to businesses in Bedfordshire, its surrounding counties, and their associated sites within the UK.
RedKeyIT was established in Silsoe in 2017 by Barry Hayward, who due to a change in circumstances called upon Helen Bainbridge, Knightsbridge Commercial Executive, to lead the sale of his business.
Assisted by Regional Commerical Director Debbie Power, 104 interested parties came forward, with over 20 meetings being conducted with the most serious of buyers. A total of 6 competing offers were tabled.
RedKeyIT’s consistently high and ever-increasing gross profit and turnover figures proved to be key drivers, as well as the company’s potential for growth and easy relocatability, as Barry operates from home, employing just one other person.
The ultimate buyer came from a crossmatch, with the Knightsbridge team achieving a multiple of 12x for its client, who “was very happy with the offer and deal structure”, explained Helen, continuing:
“As per the negotiations, Barry is able to remain in the business as an employee. I had a good relationship with our client and the buyers – who are looking to grow what Barry has established and achieved so far.”
In a significant deal, completed only seven months from gong live on the market, RedKeyIT was sold to EAC Network Solutions, a respected leader in educational and commercial IT that provides tailored solutions to schools and business customers.
The Buckinghamshire-based company is based in Stokenchurch, formed in 2005 by Ben Hammond and Mike Papworth. The pair are repeat buyers, having previously acquired a company through Knightsbridge in 2024.
In an official company statement, Ben and Mike are quoted: “As part of this acquisition, the RedKeyIT brand will be retired, with all employees, customer services, and supplier contracts being fully integrated into EAC Network Solutions.
“We are all delighted with this acquisition and look forward to the opportunities it brings.”
And from the Knightsbridge team, we wish the best of futures to Barry, Ben, Mike, and the whole of the EAC Network group.