PE-backed business communications company buys ISP
Date added:
06/04/2017
A private equity-backed business communications company has bought an internet services provider (ISP) founded in 1995.
Wavenet, which is headquartered in Solihull, has acquired Warrington-based Talk Internet in a deal that strengthens its presence across the UK. Talk Internet was owner-managed prior to the sale.
Beech Tree Private Equity backed the £35m management buyout of Wavenet in August 2016.
Bill Dawson, chief executive of Wavenet, said: "This is a fantastic opportunity for both customers and employees of Talk Internet and Wavenet.
"Our increased scale and resources will deliver a broader product set, a more robust and automated technical platform, stronger supplier relationships and a better customer experience which will help give all our customers a competitive edge."
Paul Franks, managing partner of Beech Tree Private Equity, hinted that the acquisition of talk is the first deal of many."Since the MBO we have built a super senior team and platform upon which to build Wavenet, not only through organic growth but through a series of acquisitions," he added.
"The acquisition of Talk Internet is the first step along the buy and build journey and we are delighted to welcome Talk Internet to the Wavenet group. We will be announcing further acquisitions as the year progresses."
Ed Brentnall and Nick Bolton of Dow Schofield Watts transaction services provided financial due diligence services to Wavenet. A team at Higgs & Sons led by Richard Griffiths provided legal advice to Wavenet, while Brabners advised the vendor.
Read more at insidermedia.com
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