Buyout at Sheffield job creating telecoms firm
A telecommunications business set to create 300 jobs in Sheffield has been acquired in a management buyout backed by a division of private equity giant Blackstone.
ECI Partners has sold XLN Business Services to a vehicle backed by GSO Capital Partners and XLN's management team.
The deal secured a 3x return on ECI's investment.
Founded in 2002 by its current chief executive Christian Nellemann, XLN supplies phone lines, broadband, mobile and card processing services to small businesses, with a particular focus on micro SMEs.
In September, it was announced that XLN has acquired a 14,000 sq ft site at One North Bank in Sheffield city centre to expand its sales and account management teams.
The company plans to create up to 300 jobs in the city as part of a £40m investment over the next five years.