Valueworks sells majority stake to HgCapital
LONDON private equity group HgCapital has taken a majority stake in Wigan-based e-commerce specialist Valueworks.
Founded in 2000, the business Valueworks markets its platform to landlords, contractors and merchants in the UK social housing and construction market to help them manage their supply chain activities.
Valueworks’ founding shareholders, Alan Bell, Iain Walsh and Jeff Dandridge, will reinvest a “considerable portion of their stake in the business” as part of the transaction.
Mr Dandridge, chief executive, said: “Finding a blue-chip commercial partner such as HgCapital who could really help us take our technology service to a much wider audience is a real coup for us and we’re really looking forward to Valueworks moving to its next stage of development. This is great news not just for Valueworks’ employees but also our clients.”
The transaction is first investment of Hg’s Mercury fund – raised in the last year to target lower mid-market buyouts in technology, media and telecommunications. No values were disclosed.
