The Business
JSM is a market leading technical infrastructure services provider to the Power and Communications markets. JSM’s Power division provides high-voltage and extra high-voltage grid connections to its blue-chip customer base across the data centre, battery storage and renewables markets serving customers in the UK, Germany and Ireland. The Communications division provides core fibre infrastructure network, data centre and mobile network services to a number of longstanding Communications customers. JSM serves fast growing end markets driven by the on-going energy transition and the significant need for increased data storage, processing and connectivity, further accelerated by developments in AI.
Investment thesis
Prior to Rutland’s acquisition, JSM was a privately owned UK (London/South East) based infrastructure services provider predominately focussing on telecommunications connectivity. There was an opportunity to strategically focus resource on to its fast-growing Power division to become more national and internationally focused. To drive this, the plan included expanding the senior management team, broadening the employee base and a material upgrade of the IT systems and processes. Further development of JSM’s ESG practices was also planned, to ensure JSM remains a leader in its industry.
Exit
By exit, the business had been successfully repositioned around the power opportunity delivering a near trebling of sales and EBITDA over the investment period, all organic, which in turn drove a strong exit outcome in a competitive process to Towerbrook Capital Partners delivering a 6.6x money multiple (73% IRR). The exit was shortlisted for UK Mid-cap Deal of the Year.
