Solihull, UK – 14 April 2023- Wavenet Group Holdings Limited (Wavenet) has announced the take-private acquisition of AdEPT Technology Group plc (AdEPT) – a UK-based provider of managed technology and communications services, with a specialism in delivering solutions to the public sector and education.
This acquisition creates a combined business with more than £200m pro forma annual revenues, operating as one of the UK’s leading IT support and managed service providers, serving thousands of small and medium-sized businesses and public sector bodies across the country.
Bill Dawson, Chief Executive Officer at Wavenet, said: “This acquisition is a hugely exciting step for Wavenet, creating a combined business with over £200m of revenue, AdEPT’s business is complementary to Wavenet and enhances its position in attractive end sectors such as education. Over the next six months we will look to thoroughly integrate AdEPT, following the blueprint developed with previous acquisitions, into the Wavenet business.”
Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, said: “The acquisition of Adept is transformative for Wavenet, creating a combined business of significant scale in the UK IT managed services market. Completion of this transaction, the fifth in less than two years of Macquarie Capital ownership, demonstrates the extent to which we use our flexible capital to invest at pace behind our portfolio companies.”