Wavenet 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 (pictured) 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.
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