Enterprise Ventures, the North-West based venture capital company, has completed an investment in the management buyout of Acorn Foundation Engineering Ltd (AFE). Andrew Hall, the current managing director of the company received backing from Enterprise Ventures, via the Coalfields Enterprise Fund, to purchase AFE from the family owners of Acorn Building Services.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties