Approved · Waiver · decided in 28 days, 26 Oct 2026
Accel-KKR, through Avocet Bidco Limited, proposes to acquire the entire share capital of Eleco PLC via a Court-sanctioned scheme of arrangement. Accel-KKR is a global investment firm focused on software and technology. Eleco provides software solutions for the built environment, including CMMS, and operates in Australia via Elecosoft Pty Ltd.
Avocet Bidco Limited, a newly formed vehicle that will be indirectly wholly owned by funds managed and/or advised by Accel-KKR (A-KKR) and its affiliates, proposes to acquire the entire issued and to be issued share capital of Eleco PLC (Eleco) (the Acquisition). The Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement. Following completion, A-KKR will acquire sole control of Eleco. A-KKR is a US-headquartered global investment firm that manages and advises funds invested in mid-market software and technology-enabled services businesses. Founded in 2000, A-KKR has extensive experience investing in growth technology companies across a range of sectors. A-KKR controls a portfolio of software businesses, including UpKeep Technologies, Inc. (UpKeep), which supplies cloud-based Computerised Maintenance Management System (CMMS) software. UpKeep is headquartered in Los Angeles, USA and operates in over 60 countries. Eleco is an Alternative Investment Market listed provider of software solutions for the built environment (LSE: ELCO). Eleco provides specialist software and related services to the construction industry and built environment globally. Eleco’s software is used throughout the building lifecycle, from early planning and design stages to construction, interior fit out, asset management and facilities management, supporting project management, estimation, and building information modelling. Eleco has international operations in the UK, Ireland, Germany, Sweden, the Netherlands, Romania, the USA and Australia, where it operates through its wholly owned Australian subsidiary, Elecosoft Pty Ltd. Eleco’s software falls into the following software solution categories: Planning and Scheduling Building Information Management Cost Estimation CMMS Computer-aided design (CAD)/Engineering. Eleco also offers training, consultancy, and technical support services to support its software. In Australia, Eleco only currently provides CMMS software (ShireSystem) and staircase design software (Staircon) which is a form of CAD software.