M&A Deal Summary

WestBridge, Kempen European Private Equity Fund and Beechbrook Capital Acquire Eque2

On December 14, 2020, private equity firm WestBridge, merchant bank Kempen European Private Equity Fund and mezzanine finance firm Beechbrook Capital acquired software company Eque2 from Lloyds TSB Development Capital for 47M GBP

Acquisition Highlights
  • This is WestBridge’s 4th, Kempen European Private Equity Fund’s 1st and Beechbrook Capital’s 1st transaction in the Software sector.
  • This is WestBridge’s 0th, Kempen European Private Equity Fund’s 0th and Beechbrook Capital’s 0th largest (disclosed) transaction.
  • This is WestBridge’s 14th, Kempen European Private Equity Fund’s 1st and Beechbrook Capital’s 10th transaction in the United Kingdom.

M&A Deal Summary
Date 2020-12-14
Target Eque2
Sector Software
Buyer(s) WestBridge
Kempen European Private Equity Fund
Beechbrook Capital
Sellers(s) Lloyds TSB Development Capital
Deal Type Secondary Buyout
Deal Value 47M GBP

Target

Eque2

Maidenhead, United Kingdom
website
Eque2 provides business management software to customers in the construction, housebuilding, and contracting industries. The company's software enables builders, contractors, architects, engineers, and estimators to integrate the commercial and financial aspects of their business, driving efficiencies and ultimately improving profitability. Eque2 was founded in 2013 and is based in Maidenhead, United Kingdom.

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Buyer(S) 3

Buyer

WestBridge

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2008
PE ASSETS 140M GBP
Size Small
Type Sector Agnostic
DESCRIPTION

WestBridge Capital is a private equity firm that invests in growth-oriented, small and medium sized enterprises based in the UK. WestBridge focuses on profitable companies with proven business models and experienced management teams. WestBridge looks to invest £10 to £25 million in businesses valued between £15 and £60 million. Areas of interest include healthcare, financial services, business services, leisure, technology, industrial and retail. The Firm will not consider investments in biotech and real estate. Prospective transaction situations include buyouts, growth capital financings, buy and builds, and recapitalizations. WestBridge was formed in 2008 and is based in London.

DEAL STATS #
Overall 14 of 20
Sector (Software) 4 of 5
Type (Secondary Buyout) 2 of 5
Country (United Kingdom) 14 of 19
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-24 Acuity Care Group

Nottingham, United Kingdom

Acuity Care Group provides complex home care services for people with ABI, respiratory conditions, spinal injuries, learning disabilities, and autism. Acuity Care Group was founded in 2011 and is based in Nottingham, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-28 Channel 3

London, United Kingdom

Channel 3 is a provider in the designs, implements, and optimizes digital transformation programs for the health and care sector. The company helps its clients harness the power of technology to deliver better patient outcomes, improve services and operate more efficiently. Channel 3 was founded in 2009 and is based in London, United Kingdom.

Buy -
Buyer

Kempen European Private Equity Fund

website

Category Merchant Bank
PE ASSETS 193M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 2 of 2
Sector (Software) 1 of 1
Type (Secondary Buyout) 1 of 1
Country (United Kingdom) 1 of 1
Year (2020) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-03 Klein aber fein

Munster, Germany

Klein, aber fein is an operatoir of a 110 specialist shops provides traditional optical and hearing aids. Klein, aber fein is based in Munster, Germany.

Buy -
Buyer

Beechbrook Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Beechbrook Capital is a private investment firm focused on equity co-investments as well as providing mezzanine financing to lower middle-market companies. Beechbrook focuses its investment activity throughout Europe but can invest globally. The Firm will consider opportunities in a variety of industries. Beechbrook Capital was formed in 2008 and is based in London.

DEAL STATS #
Overall 11 of 14
Sector (Software) 1 of 1
Type (Secondary Buyout) 3 of 3
Country (United Kingdom) 10 of 13
Year (2020) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-16 ARC Building Solutions

Leeds, United Kingdom

ARC Building Solutions is a specialist provider of fire protection and thermal insulation products to the national construction market. ARC Building Solutions was founded in 2008 and is based in Leeds, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-15 Nu-Heat UK

Devon, United Kingdom

Nu-Heat UK Ltd. is a provider of warm water underfloor heating and integrated renewable solutions, Nu-Heat is committed to delivering fully designed, energy-efficient systems to installers, housebuilders, contractors, architects, and self-builders nationwide. Nu-Heat UK was founded in 1992 and is based in Devon, United Kingdom.

Sell £27M

Seller(S) 1

SELLER

Lloyds TSB Development Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1981
PE ASSETS 2.0B USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Lloyds TSB Development Capital Ltd (LDC) is the private equity arm of Lloyds Banking Group Plc and invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. Lloyds TSB Development Capital Ltd was formed in 1981 and is based in London.

DEAL STATS #
Overall 159 of 188
Sector (Software) 10 of 16
Type (Secondary Buyout) 55 of 70
Country (United Kingdom) 153 of 182
Year (2020) 15 of 16
Size (of disclosed) 39 of 61
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-10 SSP Group

Halifax, United Kingdom

SSP Group is a provider of technology systems and software for the insurance industry, helping insurers and brokers operate more efficient businesses. SSP Group was founded in 2002 and is based in Halifax, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-16 Texthelp

Antrim, United Kingdom

Texthelp is a global provider of literacy and numeracy assistive technologies to the education and corporate sectors. The company has an established and loyal customer base across the Americas, Europe, Middle East, and Australasia. It has supported 30 million students and employees with reading, writing, and numeracy as well as productivity challenges, including those with dyslexia or working in a second language. Texthelp is based in Antrim, United Kingdom.

Sell -
Mergr

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