ECI invests in Moneypenny

Financial details of the transaction remain undisclosed, though according to a report by Unquote sister publication Mergermarket, the deal was marketed based on EBITDA of around £10m. Meanwhile, the Sunday Times reported that the transaction values the company at more than £100m.

ECI is currently investing from its 11th fund and typically writes equity cheques of £25-100m for companies valued at up to £200m.

Following the deal, Moneypenny will look to expand its share of both the UK and US markets. The company made its first bolt-on earlier in 2018, with the acquisition of London-headquartered MadeSimple Group.

Company
Founded in 2000, Wrexham-headquartered Moneypenny is a provider of outsourced communication services, including the handling of telephone queries, online chat and switchboard management. The business has additional offices in Charleston, US, and a UK headcount of 700. It generates a turnover of £33m, according to a statement.

People
ECI Partners – Mark Keeley (partner).
Moneypenny – Ed Reeves (co-founder).

Advisers
Equity – EY (corporate finance); Squire Patton Boggs (legal); EY Parthenon (commercial due diligence); Marsh (insurance due diligence).
Company – GCA Altium (corporate finance); DLA Piper (legal); EY (other due diligence); PwC (other due diligence).

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• Topics
• Buyouts
• UK / Ireland
• Support services
• United Kingdom
• ECI Partners
• EY (Ernst & Young)
• Squire Patton Boggs
• GCA Altium
• PwC
• DLA Piper