How do board appointments enable a business to realise its ambitions?
Eque2 is a construction software company based in Manchester. Recently, the senior management team has been backed by the private equity firm WestBridge Capital to acquire the business from existing shareholders. WestBridge invested c. £29 million for a 75% stake.
The buyout was led by Justin Moule (CEO) and Peter Davidson (COO), with support from Richard Boston (Marketing Director), Dominic Imrie (Development Director) and Andy Bones (Finance Director). In November 2019, Rowan Group appointed Andy Bones to support Eque2’s acquisitive growth strategy.
The transaction will enable the current institutional shareholders and LDC to exit Eque2. In November 2017, LDC invested £16 million into a secondary buyout for a minority stake. During the partnership, Eque2 acquired Miracles Dynamics, JNC Solutions and CliP IT Solution. Over the three years, Eque2 has more than doubled staff numbers and increased revenue by 29% and EBITDA by 85%.
Justin Moule said that “Our three-year partnership with LDC has enabled us to build scale through acquisition and create a strong foundation for future growth. We were impressed with the WestBridge team and the dynamic, yet pragmatic, approach they took to this transaction. I’m confident that our respective strengths herald an exciting future and that with their support we will be able to further develop our market-leading position. We look forward to working with them over the next phase of our journey.”