Group opens post-MBO war chest for acquisition
Communications business Wavenet has dipped into its war chest for the first time since its £35m management buyout in August.
It has bought Talk Internet, a small provider of network and cloud services based in Warrington, Cheshire.
Wavenet, which spent £2.8m on businesses in Worcester and Surrey in 2014, has grown turnover to £13.7m in the year to April 2016.
Beech Tree Private Equity took a majority stake in the Solihull business last year and at the time said it planned to make a number of “key strategic bolt-ons”.
The deal for £4m-turnover Talk Internet is the first of those and Wavenet chief executive Bill Dawson expects more announcements will follow.
Talk Internet was established in 1995 and is an independent supplier of business services and communications solutions.
Dawson said: “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.”
Wavenet received legal advice from Higgs & Sons, led by Richard Griffiths, and Ed Brentnall and Nick Bolton from Dow Schofield Watts provided financial due diligence services. Talk Internet received legal advice from Brabners.
