Technology recruiter Red Commerce has been sold by Inflexion Private Equity to Dunedin Capital Partners in a secondary buy-out.

The Daily Telegraph reports that Red Commerce chief executive Richard Vercesi headed the £44m (€49m) management buy-out and said that the recruitment company is now planning to grow across BRIC [Brazil, Russia, India and China] countries.

The vendors were Ezra Chapman, founder of Red Commerce and an 8% shareholder, and the private-equity house Inflexion.

Mark Kingston, M&A executive at Boxington Corporate Finance, says: “Red would have undoubtedly attracted strategic interest from overseas trade buyers, particularly from IT services players in emerging markets. However, in the current M&A world, there can still be an important trade-off between price and deal deliverability for vendors to balance. Private equity houses like Inflexion, as sophisticated sellers, continue to recognise this.”