Connection leads £8.1m investment in £20.5m Mode MBO

The investment was made on a standalone basis, with the capital provided by Connection's private investor clients and the deal managed and executed by the GP.

According to a statement, the company has increased its EBITDA from £415,000 to £3.6m over the course of the last five years.

During that period, the business has developed a training programme for school and college graduates recruited into its sales team. It has also focused on transitioning customers from separate equipment and services contracts onto combined five-year contracts, and on improving its customer services.

As part of the deal, Connection has introduced Vista Retail Support managing director Richard Cottrell as non-executive chairperson at Mode.

Debt
Clydesdale Bank provided an £11m debt facility to support the transaction.

Company
Founded in 1995 and headquartered in Ware, Hertfordshire, Mode provides printing hardware, software and support for SMEs. The business operates on a long-term contract basis and has around 700 clients.

People
Connection Capital – Miles Otway (partner).
Mode Print Solutions – Robert Clarke (CEO).

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