2escape2

Gresham-backed IT services group, 2escape2, has completed the acquisitions of Dynomic BV and Motifact BV. Dynomic’s core competencies are built around network and systems management. Motifact offers high-level consultancy solutions for organisations such as Hewlett Packard, Deloitte and KPMG. This transaction brings the total number of acquisitions made by 2escape2 to four since Gresham first invested £6.6m in July 2003. As a consequence of these acquisitions and strong core organic growth, annual revenues are expected to reach around £50m in 2004, up from £6m at the beginning of 2003.HSBC Bank provided an initial debt package of £6m to help fund the latest acquisitions and, with Gresham, are committed to supporting 2escape2 in funding its buy and build strategy, with the aim of reaching turnover levels of £200m by 2006. Paul Canning and Alastair Mills worked on the acquisitions for Gresham. Ian Crompton led the deal for HSBC bank. David Raff of DLA acted as 2escape2’s legal adviser and Ian Paterson of Grant Thornton as its financial adviser.

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• Topics
• Buyouts
• UK / Ireland