Nottingham dealmakers advise on £40m tech investment
Nottingham-based Provantage Corporate Finance has advised Modern Networks, a Hitchin provider of IT managed services and connectivity to the real estate and construction industry on a £40m investment by Horizon Capital.
Modern Networks was founded by Matthew Reeve who continues as CEO and is joined on the board by experienced chairman Lee Shorten who was previously UK managing director of Avaya and Andy Roberts, who both work with Horizon Capital in another portfolio company Sabio. Managing director James Tizzard and finance director Nikki Sandham complete the team.
Reeve said: “This is an exciting point in Modern Networks Journey I am looking forward to working with the Horizon Capital team in accelerating the successful growth of the business. I would like to thank the Provantage team for their advice I couldn’t be more impressed with their dedication and professionalism.”
Simon Hitchcock, managing partner of Horizon Capital, said: “We are delighted to be working with Matt and his team on this buy and build journey. Modern Networks has delivered impressive organic growth over the past four years and with Lee Shorten and Andy Roberts joining the board together with Horizons proven buy and build model I am confident we will accelerate it through acquisitions.
Sally Saunders, Provantage Corporate Finance, said: “We are delighted to have advised the shareholders on this transaction. Matt has built a fantastic market-leading business at the forefront of a niche market. Horizon represents an excellent strategic fit for Modern Networks as the £40m deal value includes follow-on funding to support the company’s acquisitions and we wish them every success in their continued development.”
Clearwater International’s debt advisory team advised Horizon Capital on the deal. Chris Smith, partner, said: “It was a pleasure to support the Horizon Capital team on raising debt facilities to support this latest investment in the technology sector. The investment into Modern Network is a great addition to Horizon Capital’s portfolio, which will benefit from its strong expertise and track record in the sector to continue with its future growth.”