ECI acquires IT services company IT Lab

On completion of the deal, IT Lab will undertake an acquisitive growth strategy and expand its range of services.

Capital for the transaction was drawn from ECI 10, which held its first and final close on its £500m hard-cap in August 2013. The vehicle focuses on buyout investments in firms with an enterprise value of between £20-150m.

The IT Lab deal marks ECI's third deal of 2016, having invested in premium pet food manufacturer MPM and acquired a majority stake in music and media company Imagesound.

Company
Founded in 1998 and headquartered in London, IT Lab provides IT support, consultancy and analysis services to SMEs and mid-market companies. Its client roster consists of businesses from the financial services sector, public services sector, not-for-profit organisations and manufacturing. It also provides IT support to the McLaren Formula One team.

It has additional operations in Manchester and Cape Town, and has a headcount of 325 serving clients across 13 countries. The business said its revenues increased 49% per year between 2013-2015, while EBITDA has risen by 87%.

People
ECI Partners – Tom Wrenn (partner).
IT Labs – Peter Sweetbaum (CEO).

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