Team Telecom Group in £32.8m Management Buy-Out from Spice Plc

Team Telecom Group (TTG) has announced the exchange of contracts on a £32.8 million management buy-out from its parent company Spice Plc. The new company will be led by current TTG CEO Mike Norfield and Chairman Peter Burridge. The deal was backed by Gresham Private Equity and HSBC.

TTG comprises four distinct but complementary businesses; Team Simoco and ComGroup based in Derby in the UK and in Victoria, Australia; AirRadio based in West Drayton Middlesex and Indigo Telecom Group based in Monmouthshire, Wales.

Team Simoco and ComGroup operates in the specialist Professional Mobile Radio (“PMR”) communications market, supplying mission critical systems and radio terminals for use by the emergency services, utilities companies, transportation and other sectors where cellular phone networks are inappropriate. UK clients include the MOD, Anglian Water and Western Power. Team Simoco and ComGroup operate across the globe, under the brand name Simoco.

AirRadio provides communications systems at airports to clients including British Airways, Servisair and BMI. Indigo provides a range of engineering services covering installation, commissioning, 24×7 first line maintenance, network operations and project management to the major telecommunications equipment manufacturers and telecommunications network operators across the UK and mainland Europe, including Huawei, Interoute and Viatel. Indigo also delivers voice, data and WiFi solutions for large enterprise customers in the UK and internationally.

Mike Norfield, CEO of TTG said: “This is a very exciting time for TTG. We have a superb management team and have invested heavily over the past 3 years to develop market leading businesses and products. With Gresham’s support we intend to continue this investment and increase our international presence, both organically and by acquisition.”

Paul Franks, Partner at Gresham who led the deal comments: “We approached Spice to see if they would consider selling TTG. Each of the businesses in TTG has compelling market positions in their own right and we are delighted to be investing in this global business. There is considerable growth potential in this area of telecommunications, both in the UK and overseas, and we look forward to working with TTG as they build the business over the coming years.”

HSBC’s Midlands-based Leveraged Finance team was led by Graham Young, Stuart Grantham and Chris Liddiard.

Stuart Grantham, Director of HSBC Leveraged Finance Midlands, comments: “HSBC has supported TTG and Spice over a number of years and we are delighted to enable this dynamic and experienced management team to take ownership of the business. In conjunction with Gresham, we look forward to supporting TTG as it continues to expand its global presence.”

The Gresham team comprised of Paul Franks, Andy Tupholme, Mitch Titley, Gary Ward and Simon Inchley. Paul Franks and Ken Lawrence have joined the TTG board. Lead advisor to Gresham and the management team was Deloitte (Darren Boocock and Darren Hodson).

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