UK mid-market private equity firm Gresham has exited 2e2, a technology services provider, through the sale of the business to Duke Street Capital for £130 million. Gresham made a return of 3.6 times its investment.

UK mid-market private equity firm Gresham has exited 2e2, a technology services provider, through the sale of the business to Duke Street Capital for £130 million. Gresham made a return of 3.6 times its investment.

Gresham backed 2e2 a year after the technology company was established by chief executive Terry Burt and chief operating officer Mark McVeigh in 2002.

Since then 2e2 has made nine acquisitions, pushing employee numbers to over 1,200. Group revenues have increased from £15 million in 2003 to a forecast level of £155 million this year.

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.’