CASE STUDY
MARCH
MARCH was Aliter’s first investment – made just after our maiden fund launch in 2017, when the business was known as Edwin James Group.
Aliter agreed the sale of MARCH to EMK Capital in October 2024
Key facts
Technical services
Date of initial investment: January 2017
Revenues: £195 million
Number of employees: 1,100+
HQ:Glasgow, Scotland
Acquisitions:
Ingen / Korrie (2017)
WT Parker (2017)
PEME (2017)
Jex (2019)
Peak 42 (2019)
ACS (2023)
Motivair (2024)
Website: march-engineering.com
Growth objective:
To grow a broader multi-disciplinary engineering services provider, supporting customers across their built, process and digital environment with long term recurring revenues and framework agreements.
“Our business grew substantially during Aliter’s investment period, completing nine acquisitions, delivering annual double digit organic growth, alongside investment in the teams and resources needed to support the growth of the business. Aliter’s real-world experience of having operated PE-backed businesses has been beneficial and they have provided a positive level of challenge and guidance, without getting too heavily involved in day-to-day operations”.
“Aliter’s principals have operated as PE-backed CEOs, so they have been able to strike the right balance between their level of involvement and the provision of strategic support. The wider Aliter team have also been hugely supportive and have worked successfully with us on several acquisitions and key strategic initiatives. From our experience, I would recommend Aliter as a solid partner to any management team”.
Chris Kehoe,
Group Chief Executive, MARCH
VALUE CREATION
Background
MARCH is a multi-disciplinary engineering services provider, supporting customers across the UK in their built, process and digital environments. The business specialises in complex, regulated environments, helping clients automate critical processes, improve existing assets and expand operating capacity.
With a fully integrated approach to design, installation, maintenance and optimisation, the group’s services maximise the full potential of the client’s asset base, maintaining business continuity, optimising output and driving new standards in productivity, reliability and sustainability, ensuring operational resilience and greener outcomes.
How we've helped
Through 2017 to 2022 we supported MARCH’s organic growth with additional M&A, acquiring five businesses across the UK to create a national service provider, servicing a range of blue chip clients and their requirements.
These acquisitions expanded MARCH’s geographical footprint and created a business with combined revenues approaching £200m and over 1,000 staff. As a national, multi-disciplinary engineering services provider, MARCH is able to offer an impressive range of service offerings, with mechanical, electrical, energy and process engineering capabilities delivered through a highly skilled direct workforce covering the whole of the UK.
In early 2023, Aliter supported the re-investment into MARCH through the acquisition of the group by Aliter’s second fund Aliter Capital II, alongside co-investors. This investment provided additional capital for further M&A to propel MARCH on the next stage of its journey, including the completion of two further acquisitions.
Strategy
Aliter worked closely with the management team at MARCH to drive margin enhancing organic revenue and further M&A, to create a broader multi-disciplinary engineering services provider, supporting customers across the UK in their built, process and digital environments. This included a focus on developing long term relationships and recurring revenues with blue chip customers, primarily through framework agreements.
Realised Investment
Aliter realised its investment in MARCH when the sale of the business to EMK Capital was agreed in October 2024.