ECI sells Fourth to Insight

ECI first backed the company in March 2011, supporting its management buyout, which was understood to be worth between €30-50m.

In September 2012, ECI supported Fourth's acquisition of Adaco, a US-based provider of purchasing and operational software to the hospitality industry. ECI also supported Fourth's acquisition of Team Hours, a labour productivity business.

Company
Established in 1999 by restaurant entrepreneurs Derek and Edwina Lilly, Fourth develops real time software designed to support restaurants, pubs and hotels manage their key costs, labour, stock and purchasing.

The company counts 1,200 customers globally, including Wagamama, Carluccios and Legaland California.

Based in London, the company employs 350 people globally, with further sales offices in the US and Bulgaria.

People
Ben Hood is the CEO of Fourth. Ross Devor is principal at Insight. David Ewing is managing partner at ECI.

Advisers
Vendor - Jefferies International (Financial due diligence).
Equity - Willkie Farr & Gallagher (Legal).

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