Connecting Excellence Completes First Acquisition Boosting Bitcoin Treasury
Connecting Excellence Group Plc (XCE) has completed its first recruitment acquisition with the purchase of James Gray Recruitment Limited and James Gray Engineering Limited. The deal adds £1.79 million in revenue and £431,000 in EBITDA to the Group’s portfolio, while also boosting its Bitcoin treasury to 81.157 BTC.
The acquisition includes a capital-light structure with a net cash outflow of approximately £150,000, excluding Bitcoin. The remaining consideration is deferred and tied to EBITDA performance from 2027 to 2029. XCE expects to retain 75% to 85% of the cumulative EBITDA over the earn-out period.
The deal also includes the transfer of 8.216 BTC held by the Targets, valued at £531,223 based on the market price on October 2, 2026. This brings the Group’s total Bitcoin holdings to 81.157 BTC, currently valued at £5.25 million.
Scott Ellam, CEO of Connecting Excellence Group, commented that the completion of the acquisition is a significant milestone in executing the company’s decentralized acquisition strategy.