A Birmingham technology company has secured new private equity investment.
The city's office of Equistone Partners Europe has acquired a majority stake in Inspired Thinking Group (ITG) from Bridgepoint Development Capital alongside management in an undisclosed deal.
ITG is based in Castle Bromwich and provides outsourced marketing services to clients such as Heineken, Sainsbury's and Audi.
It has grown rapidly since the company was founded by Simon Ward in 2009, supported by a series of locally funded transactions which saw Livingbridge invest in 2010 before Bridgepoint acquired a majority stake in 2014.
ITG said it planned to continue expanding its range of online and offline marketing services which include a content creation studio, print management and strategic planning.
The company made two acquisitions under Bridgepoint's ownership - creative consultancy Vitamin in 2015 and last year Creator, which provides electronic customer relationship management.
Mr Ward said: "I'm very proud of what we have achieved since founding ITG. We set out to be a disruptor in the sector and continue to achieve this.
"The speed with which the company has established itself as a leading marketing services provider is a reflection of the amazing team we have at ITG and the continued support we have received from our investors at each stage of our growth trajectory.
"I am excited to continue ITG's development with our new partners at Equistone who are a great fit to support our continued ambition to develop and lead this sector and significantly expand our international footprint."
Paul Harper, partner in the Birmingham office of Equistone, added: "This is a hugely innovative local company and we are delighted that it continues to be supported by Birmingham financial, professional and advisory firms.
"We are delighted to be working with Simon and his team to continue driving ITG forward."
Bridgepoint partner Adrian Willetts said: "During our period of ownership, ITG expanded its footprint across sectors, invested in its proprietary technological expertise to support its market leadership and made two important acquisitions.
"The business also grew revenues strongly with organic profits doubling during our investment period.
"With the benefit of this increased scale and service capability, it is now well placed to grow further under new shareholders."
Equistone was advised by Eversheds Sutherland, Clearwater International, PwC, AMR International, Confido and Marsh.
Bridgepoint was advised by Catalyst Corporate Finance, EY, CIL Management Consultants and Ropes and Gray.
ITG's management was advised by Catalyst Corporate Finance, Parisi Tax and Thinking Legal.
Debt financing for the transaction was provided by Lloyds Strategic Debt Finance and HSBC, with DLA Piper providing legal advice to the banks.
Paul Whitehouse, director of strategic debt finance at Lloyds Bank Commercial Banking, said: "Inspired Thinking Group has seen impressive growth through delivering innovative marketing services and expertise to some of the biggest global brands.
"Providing the facilities to support this transaction has enabled the business to secure renewed investment and it is now well positioned to accelerate growth by broadening its international presence."