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.

The current management team, which bought Elcom from Usonian owners Elcom International in 2001, will be disbanded. Lloyd's TSB Commercial Finance provided the backing for both deals.

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. ®