Duke Street Capital (DSC), has agreed to acquire leading IT services business 2e2 in a £130m secondary management buyout from Gresham Private Equity. 2e2, which has operations in the UK, Channel Islands, Holland and the Isle of Man, operates in a number of fast growing and highly innovative markets. It has a leading position in internet telephony and converged communications and is building scale in the data storage and security markets. In combination with its network maintenance business, 2e2 is able to offer its clients a full Managed Service based on 3-5 year contracts. Revenue for 2006 is expected to be £155m and the business has been growing organically in excess of 20% per annum.
BCEP II follows a long-hold private equity strategy, with an investment period of 15 years
Combined companies will pursue a buy-and-build strategy, acquiring fitness studio chains
Marc Seeger joins the firm's Düsseldorf-based corporate and M&A team from Hengeler Mueller
GP acquires the automotive networked systems business as part of a succession solution