Travers Smith has advised Wavenet on its combination with Daisy Corporate Services to create the UK’s largest independent IT managed services provider.
This deal will see the combined business generate a turnover of £500m, employ around 2,000 staff and support over 22,000 customers. It will be a key innovator with scale, focusing on delivering cyber, cloud and intelligent network solutions to UK businesses and the public sector.
Both Wavenet and Daisy have expanded significantly over recent years through organic growth and strategic acquisitions. In June 2023, Daisy acquired ECSC, bolstering its cyber and security capability. Wavenet has completed six acquisitions since 2021 including the public takeover of AdEPT Technology Group plc last year, on which Travers Smith also advised, with successful integration delivering a steep growth trajectory and a four-fold increase in profit, as well as significantly building its IT services, cyber and next generation communications capability.
The deal will see Wavenet’s existing private equity partner Macquarie Capital Principal Finance become the largest shareholder in the combined business.
The Travers Smith team was led by our Head of Corporate Spencer Summerfield and Partner Hugh Hutchison, supported by Senior Associates Fabian McNeilly and Ella Sharpley, Associates China Waters and Ella Price, and Trainees Ben Hilton and Josh Channon.
Specialist support was provided by Partner Donald Lowe and Senior Associate Tim Short in our Finance Team; our Head of Technology & Commercial Transactions (TCT) Dan Reavill as well as Senior Counsel Mike Cuthbertson and Associates Toby Major and Emma Riggs in our TCT team; Partner Madeline Gowlett and Senior Counsel Kyle Rainsford in our Tax team; and Partner Stephen Whitfield, Senior Associate Theodora Zagoriti and Associate Chloe Budd in our Competition team, who were supported by Paralegal Isabella Giles.
