ECI exits M2 Digital with sale to family firm
M2 DIGITAL, the Manchester company which provides managed print services to corporates, has been sold by its private equity owner ECI.
Financial terms of the sale to the Warwickshire-based Rigby Group were not disclosed, though sources indicated a value of £20m.
ECI’s Manchester team took a majority stake in the Old Trafford-based company in 2006.
Family-owned Rigby Group said said M2 Digital and its 180 employees would merge with its SCC technology business, although it will retain its standalone brand for the foreseeable future.
Stephen Rigby, chief operating officer said: “We have very been very transparent in our desire to grow our group of businesses through acquisition and with a strong cash balance, we are in a very good position to do this.
“This deal is a perfect example of how we will look to add additional strength and capability to our core divisions.”
John Hayhurst a partner at ECI Manchester said: “We are pleased to have sold M2 to Rigby Group. Stephen Rigby and his team were a pleasure to deal with.
“I am delighted that M2 is joining a business which shares its values of integrity, honesty and client service and which additionally shares its growth ambitions.”
David Mitchell, M2’s chairman, added: “The board and ECI are delighted with this outcome, I am confident that SCC is the right home for M2. We wish chief executive John Taylor and all at M2 best of luck and success for the future.”
Rigby Group and SCC were advised on the acquisition by accountants PwC Birmingham and lawyers Wragge and Co. Squire Sanders provided legal counsel for ECI Partners, who were also assisted with tax advice by PwC Manchester.
