News
LDC exits Vista Technology Support to TRG
16 Sep 2026
LDC, the leading private equity investor, has exited its investment in Vista Technology Support (Vista) to TRG, a global managed services provider focused on the full lifecycle of enterprise endpoints. The transaction follows a successful nine-year partnership during which revenue and headcount have more than doubled.
Cardiff-based Vista is a specialist technology managed services provider operating in fast-paced physical trading environments, including retail, hospitality and healthcare. Founded in 1995, the business is a trusted partner to more than 100 businesses across the UK and Ireland, with a customer base that includes fast-growing supermarkets, the world’s largest restaurant chain and many well-known brands.
LDC invested in Vista in October 2017 to help accelerate the business’ organic and acquisitive growth strategy. During the partnership, LDC supported Vista as it expanded its customer base in new sectors and capitalised on accelerating technology adoption across retail estates.
In July 2024, Vista acquired Store Computer Technology (SCT), further strengthening its retail and hospitality support capabilities in Ireland and Europe and making Vista the only retail and hospitality technology services provider with its own service capability across Ireland. A year later, Vista opened a new state-of-the-art warehouse, staging facility and service desk in Dublin, and has since attracted new customers seeking a consistent service model across the UK and Ireland, alongside the capacity to support their own retail store and restaurant growth plans.
Vista has demonstrated strong growth during the partnership, more than doubling revenue from £17m to £44m and headcount from 200 to 432.
The exit was led by LDC’s South West and Wales team, headed by Partner Dewi Hughes, with Investment Manager Vera Kuehne playing a leading role. Dewi Hughes led the original investment out of LDC’s local Cardiff office.
James Pepper, CEO of Vista, said: “When we started this journey, our ambition was to become the go-to technology partner for retail and hospitality businesses. We have achieved that and more. Our customers trust us to support their technology strategies and provide valuable expertise to address their challenges. Their needs have helped shape the services we provide and, in turn, we have helped them navigate an ever-changing technology landscape.”
We faced challenges along the way, including the pandemic, but LDC’s support gave us the confidence to take a long-term view on growth.”
Dewi Hughes, Partner and Head of South West and Wales at LDC, added: “Vista is a great example of what can be achieved in partnership with strong leadership and a clear vision. James and the team have leveraged the increasing technology demands across retail estates as customer experiences become even more critical, while demonstrating real agility when conditions changed in the fast moving sector. That combination has built a business with deep customer relationships and a culture of excellence. We have thoroughly enjoyed working with the team and wish them the best of luck in the next phase of their journey with TRG.”
LDC has a successful track record in the business services sector, having invested £671m into 16 businesses over the last decade. LDC’s current business services portfolio spans a diverse range of businesses including Eagle Eye Innovations, a provider of drone training, operating and consulting services, and Stonbury, a leading UK water and environmental sustainability specialist.
TRG is backed by Gemspring Capital.
LDC and Vista were advised by Gambit (Corporate Finance) and Blake Morgan (Legal).
TRG was advised by Jones Day (Legal).