Valueworks, founded in 2000 by Jeff Dandridge and Iain Walsh, has sold a majority stake in the business to HgCapital. The deal is the first investment by HgCapital's Mercury fund, which targets lower mid-market buyouts in technology, media and telecoms.
Wigan-based Valueworks’ founding shareholders will reinvest a considerable portion of the proceeds of the sale of their stake in the business as part of the deal. Valueworks provides e-commerce systems to numerous landlords, contractors and merchants in the UK social housing and construction sectors.
The £7m turnover firm's technology enables firms to manage their supply chain activities, cutting costs and increased efficiency.
Mr Walsh said: “We have built a good business and now we need the expertise to take us to the next level. HG brings that. We want to expand and I believe we can grow revenues four or five times in the next three years. We are also exploring opportunities to expand overseas.”
The company has more than 100 staff and also has offices in Nottingham, Newcastle and Gloucester.
Source: MEN
