Tue, 27 Jul 2021 | BUSINESS SALE
Northeast cognitive disability and mental wellness tech firm eQuality Solutions Group (eQS) has acquired London-based diversity consultancy Equality Works Group (EW Group) in a seven-figure deal as part of its buy-and-build acquisition strategy.
The acquisition is eQS’s second in this strategy, following the takeover of Amano Technologies earlier this year. The company is seeking to become the world’s leading provider of equality, diversity, inclusivity and mental wellbeing (EDI&MW) solutions by consolidating a highly fragmented market.
The strategy is backed by £20 million in funding from Shard Capital Partners. The acquisition of EW Group takes eQS past £10 million in revenue and puts it on track to hit £30 million in revenue by 2023.
EW Group provides consultancy and training on how organisations can develop inclusive working cultures and combat workplace discrimination, such as sexism and racism. The firm works with a range of private, public and not-for-profit businesses, with clients including the BBC, Arsenal Football Club and Dyson.
Andy Gough, CEO of eQS, said: “This acquisition is a critical step for eQS in the workplace market and our plan is to make further strategic acquisitions as we continue on our pathway to become the global leading provider in this specialist space across various sectors and geographies.”
Gough asserted that increasing social awareness in recent years has meant that more business leaders are taking notice of and investing in equality, diversity, inclusion and mental wellbeing strategies for the workplace.
He added: “EW Group shone as a leading light in the ED&I market and quickly became our top choice for our next acquisition due to its outstanding reputation. Upon first meeting with EW Group founder Jane Farrell, there was clear synergy. I believe we have a great mutual respect with regards to business culture, values and passion for doing good, and there was an instant comfortable feeling that we would work well together.”
Jane Farrell, founder of EW Group, added: “Meeting eQS came just at the right time. The team stood out for understanding our journey and demonstrating a passion for protecting the EW Group brand identity and developing its legacy.”
“The market is building momentum and I see my role in our new phase of growth with eQS as being a brand steward for EW Group; helping to maintain our authenticity but also excited to see it evolve as part of an exciting new chapter.”
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This established IFA is assigned to one major platform ensuring a very smooth transition of client assets.
This is a highly profitable business with EBIT percentage of 33%, meaning money can be recouped quickly after a purchase.
With advisers and back-office staff in place, this business can be purchased and will keep running efficiently.
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