Connecting Excellence Group Acquired James Gray Recruitment
The firm purchased James Gray Recruitment and Engineering to bolster its portfolio and expanded its Bitcoin reserves.
Updated on Oct. 5, 2026 in Corporate Finance
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Connecting Excellence Group Plc has completed the acquisition of James Gray Recruitment and James Gray Engineering. The transaction included a total of 81.157 Bitcoin now held by the company following the deal.
Why it matters
This move represents a strategic expansion for Connecting Excellence Group as it seeks to utilize an identified pipeline of future business deals. The company also secured a $1.5 million revolving credit facility from BitGo to support these growth efforts.
James Gray reported £1.79 million in revenue over the 12 months ending June 30, with a combined EBITDA of £431,000 for the acquired units. The acquisition involved an upfront cash payment of £575,000 and a net cash outflow of £150,000.
The players
Connecting Excellence Group Plc
This is a public limited company that is actively pursuing acquisitions to expand its operational footprint.
James Gray Recruitment
This entity provides specialized recruitment services and was recently integrated into the Connecting Excellence Group portfolio.
BitGo
This is a digital asset financial services firm that provided a $1.5 million revolving credit facility for the acquisition.
The details
The acquisition price was settled through the £575,000 cash payment alongside £425,000 in offset sums, with further deferred payments tied to EBITDA performance in 2027, 2028, and 2029. Connecting Excellence expects to retain between 75% and 85% of cumulative EBITDA during this earn-out period.
Timeline
James Gray reported revenue of £1.79 million in the 12 months ending June 30.
Deferred acquisition payments are based on EBITDA performance in 2027, 2028, and 2029.
Market Landscape
This acquisition reflects the broader corporate trend of firms integrating digital assets into treasury management while simultaneously consolidating niche service sectors. The company is positioning itself to compete more aggressively in the recruitment space while using Bitcoin to bolster its balance sheet.
The acquisition primarily affects stakeholders by shifting the company's financial exposure and debt structure through the new $1.5 million credit facility. Clients of the newly acquired James Gray units should watch for potential service integration changes as the firms merge operations.
The takeaway
The deal signals a dual strategy focused on both operational expansion in recruitment and the accumulation of digital assets. Investors should monitor how the deferred EBITDA earn-outs perform over the next three years to gauge the long-term success of the acquisition.
Further reading
For more information on market activity, visit the Corporate Finance section.
Source note: This article includes information reported by Proactiveinvestors NA.
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