Unified communications services firm Wavenet has raised a £75m banking facility to continue its buy and build strategy. Since an original MBO at the UK firm in August 2016, Wavenet has completed four acquisitions and more than doubled in size.
The new unitranche facilities are provided by Ares and the super senior facility is provided by RBS.
Wavenet CEO Bill Dawson said: “We set out a couple of years ago to build a stand-out 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, which owns the firm, 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.
“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.
Wavenet is BroadSoft’s (now part of Cisco) longest standing unified communications partner in the UK and is a Cisco Cloud and Managed Services Certified Partner. Wavenet has offices in Solihull, Warrington and Norfolk and employs 100 staff. It bought Norfolk-based APR Telecoms earlier this year.
