Macquarie Capital-backed Wavenet has made its third acquisition in six months by capturing Excell Group, taking its annual service revenues to over £100m.
The deal, for an undisclosed sum, will “significantly bolster” Wavenet's market share in the cloud and workspace market, said the firm, which operates in the converged data, voice, cloud and IT services segments.
Excell Group has expanded its networking services portfolio both organically and through acquisitions of its own, which includes an offering for landlords and serviced offices.
Since Wavenet was acquired by Macquarie Capital six months ago, it has acquired both NTS Communications and Internal Systems. With the latest deal, Wavenet now says it provides services to over 10,000 businesses.
“Excell is the largest and most exciting acquisition we have made to date, bringing new services and a talented team into the Wavenet Group,” said Bill Dawson, CEO of Wavenet. “The acquisition represents a huge step forward in our growth plans, giving us a stronger presence in the south of the UK and adding experience in growing service areas including flexible workplaces and cloud. I look forward to continuing our growth and success as we integrate Excell into the Wavenet Group.”
Darren Strowger, chairman of the Excell Group, added: “Following almost 30 years of growing our business into a dynamic and trusted organisation, we felt the time was right to take the next step and we couldn’t have found a better partner for that than Wavenet.”
“We’re part of its growth journey and will continue to support the Wavenet management team to provide vital telecoms and connectivity services to the UK’s SME and public service customers,” said Adam Joseph, head of private equity for Macquarie Capital Principal Finance Europe.
