FPE Capital backs Codestone

The GP has partnered with the founders and the management team of Codestone, who will retain the majority stake in the business.

This is the ninth investment made by FPE Fund II, which held a  £100m final close in October 2017.

The fund targets buyout and growth investments in UK-based companies with enterprise values of £20-50m and turnover in the £5-25m range.

The vehicle has a special focus on the technology, media, telecommunications, business services and financial services sectors. 

Company
Established in 1997, Codestone is a provider of business application software, IT infrastructure and cloud services for organisations ranging from SMEs to major corporations, both UK-based and international.

The company has offices in Poole, London and Cheshire.

Codestone generated gross profit of £3.7m from turnover of £14.8m in 2020, according to public documents.

People
FPE Capital – Henry Sallitt (managing partner).
Codestone – Jeremy Bucknell (co-founder, CEO).

Advisers
Equity – Stephenson Harwood (legal); Armstrong Transaction Services (commercial due diligence); BDO (tax).
Company – KPMG (corporate finance); Grant Thornton (financial due diligence); Stevens & Bolton (legal).

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