M&A Deal Summary

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

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

Acquisition Highlights
  • This is WestBridge’s 4th, Kempen European Private Equity Fund’s 1st, Beechbrook Capital’s 1st and Bowmark Capital’s 2nd transaction in the Software sector.
  • This is WestBridge’s 0th, Kempen European Private Equity Fund’s 0th, Beechbrook Capital’s 0th and Bowmark Capital’s 4th largest (disclosed) transaction.
  • This is WestBridge’s 14th, Kempen European Private Equity Fund’s 1st, Beechbrook Capital’s 10th and Bowmark Capital’s 39th 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
Bowmark Capital
Sellers(s) LDC
Deal Type Secondary Buyout
Deal Value 47M GBP

Target

Eque2

Maidenhead, United Kingdom
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) 4

Buyer

WestBridge

London, United Kingdom

Investor Investor Investor Investor Investor

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

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

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 15
Sector (Software) 1 of 1
Type (Secondary Buyout) 3 of 3
Country (United Kingdom) 10 of 14
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
Buyer

Bowmark Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 2.0B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Bowmark Capital is a private equity firm that targets investments in smaller, growth-oriented companies based in the UK. Bowmark considers investments across a range of industries with a strong interest in Business & Financial Services, Consumer & Leisure, Education & Training, Healthcare, Media, and Technology. Bowmark funds individual equity investments of up to £200 million and focuses on investing in UK companies which are valued between £25 million and £300 million. Bowmark was formed in 1997 and is based in London, United Kingdom.

DEAL STATS #
Overall 40 of 49
Sector (Software) 2 of 2
Type (Secondary Buyout) 12 of 16
Country (United Kingdom) 39 of 48
Year (2020) 3 of 3
Size (of disclosed) 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 TotalMobile

Belfast, United Kingdom

TotalMobile is a provider of mobile working solutions to the government, private sector, and healthcare customers in the United States and Europe. From engineers, nurses, and social workers to surveyors, inspectors, and construction workers, and more organizations use its technology to keep their teams out of the office and in the field delivering outstanding service. TotalMobile was founded in 1985 and is based in Belfast, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-12 DeHavilland

London, United Kingdom

DeHavilland is a political data and monitoring company that provides bespoke analysis and real-time political intelligence in the UK and Europe. DeHavilland services a wide range of organisations, including corporates, non-profits and consultancies. DeHavilland was founded in 1998 and is based in London, United Kingdom.

Buy £15M

Seller(S) 1

SELLER

LDC

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 3.6B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

LDC is the private equity and investment arm of Lloyds Banking Group. LDC 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. LDC was formed in 1981 and is based in London.

DEAL STATS #
Overall 160 of 199
Sector (Software) 11 of 16
Type (Secondary Buyout) 55 of 73
Country (United Kingdom) 154 of 193
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 -
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