Grant Thornton advises TechStream Group Holdings Limited TechStream Group merged with Xcede and acquired Etonwood

January 2020
TechStream Group
Universal Partners
Investec Bank
Adviser to TechStream Group on their investment by Universal Partners backed by Investec Bank
Grant Thornton team
Sell side
Corporate finance
Flag of the United Kingdom

We are delighted to have advised TechStream Group Holdings Limited on their merger with Xcede and acquisition of Etonwood. This was supported by an investment from Universal Partners backed by Investec Bank.

TechStream, Xcede and Etonwood are complementary businesses operating in the IT staffing services sector. Combined they operate from nine international offices across EMEA, US and APAC and partner with some of the largest blue-chip entities.  

Paul Beeke (CEO of TechStream) had developed a strong relationship with Xcede Recruitment Solutions Ltd and Etonwood Ltd and saw the bigger opportunity to deliver a cohesive technology staffing capability to their clients. 

It was decided to merge TechStream and Xcede and acquire Etonwood under the merged group. To facilitate this transaction and the next stage of expansion, support was sought from a likeminded financial sponsor and debt provider.  

During the transaction process, Universal Partners developed a strong relationship with the management team due to their commercial approach to a complex transaction and their shared belief in the underlying strategy. 

Investec were able to provide a complementary debt package through a combination of term debt and an ABL facility. Given both funders had worked together previously they offered a natural complete funding solution. 

We utilised our diverse internal network to provide various services as well as our deep sector expertise in the staffing sector. 


Grant Thornton were outstanding throughout what was a complex and challenging process. We would highly recommend Grant Thornton to any party seeking M&A related services.

William Jacques CEO, Xcede Recruitment Solutions Limited

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