Solihull communications firm Wavenet has undergone a £35 million management buyout.
Based in Shirley, Wavenet provides communication products and services to UK SMEs and has more than 2,000 customers.
Beech Tree Private Equity and RBS financed the buyout and committed a “significant acquisition war chest” to allow the business to make a number of bolt-on deals.
The business was originally founded by Chris Jones in 2000 and in 2008 the current chief executive Bill Dawson invested and joined. Dawson told Midlands Business Insider: “We are a passionate and ambitious Midlands-based business, this funding will give Wavenet the ability to further invest in growing its sales organically and target strategic acquisitions throughout the Midlands to ensure we keep our leading edge in the market.”
New moves within the company include: Andrew Ashton has joined the business as finance director and Edward Spurrier, the former chief executive of Alternative Networks, has been appointed chairman. Paul Franks and Adam Rudd from Beech Tree Private Equity will join the board.
Mr Franks said: “We have been extremely impressed with the technology and expertise that the team have created within the business.
“The management team have clearly invested heavily in the technology and infrastructure which will make the delivery of our growth plans much easier.
“We are also backing a team that have completed several acquisitions very successfully in the past and, with the capital we have injected to make acquisitions, we think we can significantly grow the business together”.
Accounts filed for the year to 31 March 2015 showed a turnover of £12.4m with pre-tax profits of £534,769. A spokesman for the company also revealed the group will aim to triple both revenue and EBITDA.
The other firms acting on the deal were Eversheds, Oakley Advisory, PwC, Diligent Consultancy, Orbis Corporate Finance, Higgs and Sons, Spencer Gardner Dickins, Gateley and Pinsent Masons.
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