ECI acquires Fourth Hospitality
UK mid-market private equity firm ECI Partners has acquired software as a service provider Fourth Hospitality as part of a management buyout transaction.
The investor's strategy is to accelerate the company's geographic growth, increase its market penetration, and fund the development of new products and the acquisition of complementary bolt-ons.
Fourth was established in 1999 by restaurant entrepreneurs Derek and Edwina Lilley, who retain a stake in the business. Its turnover increased by 17% last year, while its pre-tax profits rose by 29%.
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