Independent Virtual Network Operator (VNO) Adapt has acquired Centric Telecom, the UK provider of in-building communications solutions to landlords and property companies which serves over 1,000 enterprise and public sector organisations. Adapt has purchased Centric Telecom for £6.25M from Alchemy Partners.
“Customers continue to demand more focus on service excellence rather than technology and the VNO model is the perfect vehicle for this. Centric Telecom complements and strengthens our offering providing our customers with more service choice and flexibility than any other operator” explains Peter Knight, Chief Executive, Adapt. “As well as setting ambitious growth targets for the coming year, we are also expanding our offering. Acquisitions will be a key part of this strategy. This is the first step down that road.”
Since its formation in 2001 and from organic growth alone Adapt has seen steady growth rates of over 50% per year, recording revenues of £16M last year. The Centric acquisition now accelerates this rate of growth, seeing the Adapt Group already set to produce revenues of over £30M next year.
Centric has built long term relationships with over 70 of the UK’s leading landlords and has deployed communications infrastructures into more than 300 multi-tenanted buildings in London, Birmingham, Manchester and Edinburgh. This approach has enabled Centric to become the preferred supplier through substantial cost economies and its ability to provide services rapidly to new customers in Centric buildings.
“When we undertook a management buyout of Adapt last year, we formulated a business plan that would make us the UK’s largest VNO,” adds Patrick Diggines, Chairman, Adapt. “We’re delighted to have made that milestone in less than a year and will now continue to drive service excellence across the Adapt Group of companies, while continuing to look for further strategic acquisitions to fulfil customer needs.”