Gradwell, the Bath-based communication technology firm, is under new ownership after boutique investor Altitude sold its stake in the business to a buy-in, management buy-out (BIMBO) team.
Southampton-based Altitude generated a return of 2.7 times on the £1.15m in Gradwell in 2012, which was made to trigger a phase of significant growth. 
The BIMBO is backed by London-based Chiltern Capital. Gradwell founder Peter Gradwell, pictured, who launched the business in 1998 while still a student, will continue in his role sat chief technology officer following the deal.
The firm employs around 70 people in Bath. Its voice over IP (VoIP) internet-based telephony, superfast broadband and cloud communications is used by more than 22,000 small businesses and partners across the UK.
The management team will now be led by new CEO Nick Caw, who previously worked for Microsoft and has 20 years’ experience of building growth orientated technology organisations.
Gradwell was an early developer of Voice over Internet Protocol (VoIP) telephony in the UK, before diversifying into cloud-based services and connectivity for SMEs following Altitude’s investment.
Peter Gradwell said: “I am grateful for Altitude’s help in developing the business that I founded and assisting me in developing our platform. I’m looking forward to taking Gradwell into the future.”
Altitude partner Simon White added: “It’s been a pleasure to work alongside this dynamic regional business during its development. We have worked closely with the team since day one of our involvement, to help deliver a company with a stable and diverse product line and a growing customer base.”
Gradwell CEO Simon Mewett, who joined earlier this year but is now leaving following the BIMBO, said: “The Altitude team introduced the business to me only recently, but it was easy to see its potential and what had already been achieved. It’s been a pleasure working with both the Gradwell and Altitude teams and latterly on this successful transaction.”
Legal support for the Gradwell transaction was provided by Simon Thomas and Menekse Meech in Clarke Willmott’s Bristol office and the shareholders were advised by Jim Shaw, Myles Hamilton and Tom Rook of Bristol firm Shaw & Co.
Management was advised by Katharine Mortimer of Royds Withy King’s Bath office and Chiltern Capital was advised by Jonathan Leigh-Hunt of London-based Marriott Harrison.
