HgCapital buys messaging service Esendex from Darwin

The GP acquired a controlling stake in the business via its Mercury Fund. Financial details surrounding the transaction have not been disclosed.

The deal follows Esendex's acquisition of Spanish competitor SMSpubli. According to a statement, HgCapital aims to combine the two businesses with its portfolio companies Mobyt and SMSenvoi. The combined group expects to generate €75m in revenues. Esendex's CEO, Geoff Love, will lead the group.

Following the deal, the GP aims to further support the company's growth through further bolt-on acquisitions.

Previous funding
In July 2013, Darwin acquired a majority stake in the business, in an £11m management buyout led by the company's former COO, Geoff Love. Following the deal, Love was appointed CEO.

In June 2014, the business completed a £10m refinancing with HSBC.

Company
Founded in 2001 and headquartered in Nottingham, Esendex provides messaging services focusing on SMEs and corporate customers. In a statement, the company claims 13,000 customers across the UK, France, Spain, Ireland, Germany and Australia. Currently, the business has 140 employees.

According to unquote" sister company Mergermarket, the company generated £25m in revenues in 2015 with £3.5m in EBITDA.

People
HgCapital – David Issott (partner).
Esendex – Geoff Love (CEO).

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