Springboard takes the lead on £9.6m Proximity sale

BIRMINGHAM-based corporate finance boutique Springboard has advised the shareholders of Proximity Communications on the £9.6m sale of the business to plc Maintel.

Berkshire-headquartered Proximity is a unified communications and managed services provider, specialising in voice and data network infrastructure solutions. It works with a broad range of technology partners and has a diverse customer base across a range of medium and large enterprises.

The firm reported revenues of £12.4m and profit before tax of £1.1m in the year ended 31 December 2013.

London-based Maintel is an independent provider of unified communications, contact centre, voice, mobile and data solutions listed on AIM.

It suggests the acquisition of Proximity is a core strategic investment as its skill set will complement and bolster Maintel’s existing services.

The deal was led for Springboard by partner Justin Sparks and assistant director James Bailey.

Sparks said “The shareholders have worked hard over a number of years to grow Proximity into a market leading business with substantial recurring revenues and an excellent customer base.

“We secured a range of competitive offers from a rapidly consolidating marketplace. We are delighted to have negotiated and delivered the exit and believe that the sale to Maintel represents an excellent deal for both sides.”

Eddie Buxton, chief executive of Maintel, said:  “Proximity boasts a diverse customer base with well developed, long-term relationships across a range of impressive medium and large enterprises.

“The acquisition is expected to be earnings accretive for its first full year of ownership to December 2015.”

The shareholders of Proximity were also advised by Rod Thomas and Alison Scott of Worcester-based law firm Harrison Clark Rickerbys.