Jim Rousou, the industry veteran who established the firm that became Elcom IT, has stepped down as chairman after selling the firm to private investors.

Elcom IT, a £50m turnover company, was bought by private investors Owner Venture Managers Limited (OVM) for an undisclosed sum.

Rousou formed Lantec, Elcom's predecessor, in an MBO from JWP Information Services in 1993. It was bought out by American reseller Elcom in 1995 and was subsequently brought back into British hands in the 2001 MBO led by Rousou and managing director Tony Davis.

Rousou remained at the firm as chairman, despite previously annoucning his intention to move on.

Davis, managing director for the last four years, will remain as finance director. Nick Ellis, one of the outside management team, will take over as MD.

The other members of the last MBO, Paul Rousou and Judy Quoroll, will remain for three months. ®

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• Kelway CEO reviews future of Elcom staff (18 June 2007)
• Kelway acquires Elcom (8 June 2007)
• Elcom goes the way of all resellers (30 January 2006)
• Relisys goes into administration (30 January 2006)
• Elcom sells UK reseller op (6 December 2001)
• Rousou retires from Elcom (24 January 2000)
• SCC buys Lantec division from Elcom (13 July 1999)
• Redundancy hits Elcom staff (14 January 1999)
• Elcom streamlines ecommerce operations (5 January 1999)
• Elcom shaves costs in restructure (12 October 1998)