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Gresham sells 2e2 for £130 million


27 September 2006 -- Gresham, the UK mid-market private equity firm, today announces that it has successfully exited 2e2 through the sale of the business to Duke Street Capital for £130m. Gresham made a return of 3.6 times its investment.

2e2 is a leading IT services provider offering IT infrastructure, maintenance, networking, education and other managed services. The business was established in 2002 by chief executive Terry Burt and chief operating officer Mark McVeigh and today has over 1,200 employees.

Gresham backed the business in July 2003 in an ambitious buy and build strategy. 2e2 has made 9 acquisitions in the past 3 years including the offshore IT services division of XKO plc, Prime Business Solutions and TBS, the UK-based IT services arm of Telenor. During this period group revenues have increased from £15m in 2003 to a forecast level of £155m this year.

The existing management team is remaining with the Group and is committed to maintaining 2e2’s excellent track record.

Paul Canning, Director at Gresham, comments: “The team behind 2e2 is outstanding and the business is superbly placed to continue its success with Duke Street Capital as its funding partner. We have been delighted with our investment in 2e2.”

The sale of 2e2 is the latest in a series of successful exits for Gresham including the sale of Alstec to Babcock International Group Plc; the sale of Altair to GE Energy; and the sale of ANSA to Mavinwood Plc.


About Gresham:
Gresham specialises in investing in UK mid-market deals typically valued up to £100 million and has expertise in the Business & Support Services, Consumer, Financial Services, Healthcare/Pharmaceuticals and Industrial Products sectors. Gresham focuses on management buy-outs from its offices in London, Birmingham and Manchester. This facilitates direct access to the main centres of UK buy-out activity and provides strong local knowledge and a network of contacts essential to sourcing new deals and effectively working with management teams across the UK. Their dedicated portfolio team works closely with management teams in dealing with key commercial and financial aspects of the business to enhance the value of an investment.

Further information about Gresham and its investments is available from www.greshampe.com.

Advisers:
Paul Canning and Ken Lawrence led the exit for Gresham. David Raff of DLA Piper advised the shareholders on the legals.
xx


Publisher Contact Information:

Gresham Private Equity
+44 (0)20 7309 5036
Kate.Champion@greshampe.com

Company profile of Gresham Private Equity
Past press releases of Gresham Private Equity.

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