Eversheds in on another Daisy deal

CORPORATE partner John Sewell and corporate associate Sarah Turner of the Leeds office of law firm Eversheds have advised Daisy Group on its second acquisition in a week.

Daisy Group, the telecoms and data services provider to businesses, has bought the assets of the Telinet and  Ipitomi businesses in a deal worth a combined £15.4m in cash.

Both businesses were bought from London-based technology firm Niu Solutions Holding.

The businesses provide data, telecoms and hosting services to mid-market corporate customers and in an eight-month period to August 31, 2010 they achieved revenues of £15.8m and gross profits of £4.6m.

Nelson-based Daisy is paying £12.4m in cash on completion, with the remaining £3m deferred for up to two years. It said that it expects both businesses to be earnings-enhancing in the year to March 2012 and to boost its data and engineering capability.

Daisy Group chief executive officer Matthew Riley said: “This deal will further strengthen Daisy’s position as a leading provider of unified communications to the mid-market.”