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2e2 Group Ltd - Announces secondary funding with Duke Street Capital; New deal to support international expansion and continued acquisition strategy.

Publication: M2 Presswire
Publication Date: 27-SEP-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
M2 PRESSWIRE-27 September 2006-2e2 Group plc: 2e2 Group Ltd - Announces secondary funding with Duke Street Capital; New deal to support international expansion and continued acquisition strategy(C)1994-2006 M2 COMMUNICATIONS LTD

RDATE:27092006

2e2 Group, a leading provider of IT managed services, announces today a secondary funding of the Company valuing the business at approximately GBP130m. The new funding is being provided by Duke Street Capital ("DSC"), the mid-market private equity fund manager, and will see the exit of incumbent VC, Gresham Partners.

DSC is backing the existing management team, led by Terry Burt, which has built up 2e2 through the execution of an aggressive acquisition strategy resulting in a series of astute acquisitions since it was founded in 2002. This amalgamation of these companies and consequent increased scale has put the Company in a strong market position. To date, this has...

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