Travers Smith LLP has advised the Wavenet Group and MPRC Europe Limited on the proposed acquisition of AdEPT Technology Group plc, one of the UK's leading independent providers of managed services for IT, unified communication, connectivity, voice and cloud services.
The AdEPT Group is one of the UK's leading independent providers of managed services for IT, unified communication, connectivity, voice and cloud services. It employs c.340 people across nine UK offices in London, Tunbridge Wells, Fleet, Northampton, Chingford, St Neots, Dorking, Orpington and Doncaster.
Formed in 2000 and acquired by the Macquarie Group in 2021 through its European private equity division, MPRC Europe Limited, Wavenet is a multi-award-winning provider of telecoms and technology solutions to over 15,000 business and enterprise customers across the UK. Wavenet has offices in Solihull, Chester, Norwich, Cardiff, Nottingham, London, Twickenham, Cambridge, Worcestershire and St Albans and employs c.550 people, including over 250 trained support staff and engineers.
The proposed acquisition values the entire issued, and to be issued, ordinary share capital of AdEPT at approximately £50.3 million.
Wavenet has a track record of successfully acquiring and integrating businesses; AdEPT would represent the fifth acquisition made in less than two years since MPRC's initial investment into Wavenet.
Travers Smith also advised the Wavenet Group on incremental facilities to support the acquisition and for general corporate purposes.
Bill Dawson, CEO of Wavenet, commented: "I am delighted to announce the proposed combination of the AdEPT business with the Wavenet Group. We look forward to working with the AdEPT team as part of the Wavenet Group and driving growth by focusing on the best of both Wavenet and AdEPT's skills and services. We really valued the tireless work and high-quality commercial advice provided by Travers Smith to support the success of this transaction."
The Travers Smith team was led by Head of Corporate Spencer Summerfield and Corporate Partner Hugh Hutchison, supported by Corporate Senior Associates Fabian McNeilly and James Addison and Associate Sylvia Mueller. Additional specialist advice was provided by Partner Ben Thompson, Senior Associate Kanwal Majeed and Associates James O'Neill and Katchenin Kone in Finance, Partner Stephen Whitfield, Senior Associate Richard J Brown and Associate Aimee Westley in Competition, Partner Tim Gilbert, Senior Associate Antony Weber and Associate Laetitia Ajimal in Employment and Partner Mahesh Varia and Associate Natalie Paddock in Share Incentives.