Eque2 Ltd has successfully completed a management buyout (MBO) of the Sage Construction business from Sage (UK) Ltd.
The buyout was led by Clearwater Corporate Finance LLP, with investment support from Livingbridge, a leading independent UK- based private equity firm.
Following Sage (UK) Ltd’s acquisition of Tekton Group Ltd, Sage Construction has operaterd as a business unit within Sage (UK) Ltd’ Mid-Market Division over the last five years. From its offices in Manchester, Farnham and Glasgow, Sage Construction has been successfully developing, implementing and supporting construction and contracting software for medium to very large companies with products such as Sage ERP EVision, Sage ERP Intuita and Sage Estimating.
Wes Simmons, CEO of Eque2 Ltd, comments: “As Sage Construction, we have been successfully trading even during these challenging economic times. However, while Sage has a generic focus across industries, Sage Construction specifically targeted the construction and contracting vertical. This MBO represents a fantastic opportunity for us to offer even more focus to the industry, and we are delighted to have completed the transaction.”
Carl Houghton, head of the TMT sector team at Clearwater, says: “Having worked on the original buy-and-build that created most of the assets that sit within Eque2, it was great to work with Sage, the ambitious management and new chairman Richard Beaton again. We are seeing a real return to form for good ERP businesses such as Eque2 and so it was no surprise to get the strong support of Livingbridge for this deal.”