Wavenet, the leading UK based provider of unified communications today announces it has re-financed its current banking facilities and raised a £75 million facility to continue its buy and build strategy.
Since the original MBO in August 2016, Wavenet has grown substantially, completing 4 acquisitions already and more than doubled the size of the company. The new unitranche facilities are provided by Ares and the super senior facility is provided by RBS.
CEO Bill Dawson commented “We set out a couple of years ago to build a standout business in the sector with leading cloud-based unified communications solutions. Our progress to date has been substantial and we are pleased with the pace of growth which has enabled us to provide better opportunities to our clients and our staff. I’m delighted we now have the firepower to continue the story and I look forward to announcing further deals in the not too distant future”.
Paul Franks, Managing Partner at Beech Tree Private Equity said “The team at Wavenet have done a phenomenal job of identifying and executing a number of acquisitions already. We want to continue the buy and build strategy we set out on and this new facility provided by Ares and RBS, provides the capital to continue the build-up of this technology-led company. We will continue to add quality businesses that complement the converged data, voice, cloud, security and mobile offerings of Wavenet”.
Wavenet and Beech Tree Private Equity were advised by debt specialists Clearwater International.
About Wavenet
Formed in 2000, Wavenet has grown to become a leading business to business communications provider with the mission of being the most trusted supplier of voice, data and cloud solutions.
Wavenet is BroadSoft’s (now part of Cisco) longest standing Unified Communications partner in the UK and is a Cisco Cloud and Managed Services Certified Partner.
Providing voice, data and cloud services to over 5000 SME and enterprise customers, Wavenet has offices in Solihull, Warrington and Norfolk and employs 100 staff.
About Beech Tree Private Equity
Beech Tree Private Equity is a mid-market private equity specialist operating in high-growth sectors of the UK economy. We invest between £10m and £40m into UK headquartered businesses providing funding for Management Buy Outs, Secondary Capital (to provide partial cash out for founder shareholders) along with Primary Capital (to accelerate growth organically or through acquisition following “buy and build” strategies).