M&A Deal Summary

WestBridge Capital and Kempen European Private Equity Fund Acquire Eque2

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

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

M&A Deal Summary

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

Target

Eque2

Maidenhead, United Kingdom
website
Eque2 Ltd. supplies 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 formed in 2013 and is based in Maidenhead, United Kingdom.

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Buyer(S) 2

Buyer

WestBridge Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2008
PE ASSETS 140M GBP
SizeSmall
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 £5 to £15 million in businesses valued between £10 and £25 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 16
Sector (Software) 4 of 4
Type (Secondary Buyout) 2 of 2
Country (United Kingdom) 14 of 16
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 Consulting

London, United Kingdom

Channel 3 Consulting 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 established in 2009 and is based in London.

Buy -
Buyer

Kempen European Private Equity Fund

website


Category Merchant Bank
PE ASSETS 193M EUR
SizeSmall
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 Ounda

Frankfurt, Germany

Ounda is an optician and audiologist chain used to acquire 20 opticians in Frankfurt, Germany.

Buy -

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
SizeMiddle-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 184
Sector (Software) 10 of 16
Type (Secondary Buyout) 56 of 67
Country (United Kingdom) 153 of 178
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 Ltd. 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 -