Software firm Eque2 in buyout
PRIVATE EQUITY COMPANY LDC HAS BACKED THE MBO OF THE MANCHESTER-BASED TECH SPECIALIST
MANCHESTER-BASED software firm Eque2 has completed a management buyout backed by private equity firm LDC.
The multi-millionpound investment will be used to accelerate the firm’s growth strategy and buy-and-build programme, along with funding the simultaneous acquisition of the Miracle Dynamics Payroll and HR Solution.
Eque2 supplies business management software to more than 1,400 customers in the construction, housebuilding and contracting industries.
Its software enables builders, contractors, architects, engineers and estimators to integrate the commercial and financial aspects of their business, driving efficiencies and ultimately improving profitability.
The buyout was led by executive chairman Richard Beaton, who joined Eque2 in 2013 and has supported the growth of the business over the past four years.
The investment, which sees LDC take a significant minority stake in the business, will also support the immediate acquisition of the Miracle Dynamics Payroll and HR Solution. Miracle Dynamics is a leading supplier of HRM technology to the Microsoft Dynamics business applications market and will expand Eque2’s current offering.
The investment also provides an exit for private equity firm Livingbridge, which has backed the business since 2013.
Mr Beaton added: “We have achieved significant growth over the last four years, but in order for us to maintain a market leading position it is vital we expand our offering further and capitalise on opportunities in different markets.
“With the financial firepower and support of LDC we’re confident that we can establish ourselves as the construction industry’s leading provider of specialist business management software and the Miracle Dynamics acquisition is an exciting first step on this journey.”
The deal was led by investment director John Clarke and head of LDC in the North West Jonathan Bell.