Business focused broadband ISP and technology provider, Wavenet (Wavenet Group Holdings Limited), has today become the subject of a majority acquisition by Macquarie Capital for an undisclosed sum, which it’s hoped will help the operator to continue its positive trend of future growth.
At present Wavenet, which was formed in 2000, has over 8,000 customers (i.e. small and medium-sized UK businesses and public sector bodies) and employs over 200 people including 100 trained support staff and engineers. The provider also has offices in Solihull, Chester, Norwich, Cardiff, St Albans and Nottingham, while their HQ is in Birmingham.
Over the past five years, Wavenet has grown rapidly from £14m turnover in 2016 to over £60m in 2021, through a mixture of acquisitions and organic growth. Macquarie Capital has now acquired the majority stake in the business previously held by Beech Tree Private Equity.
Bill Dawson, CEO of Wavenet, said:
“I am extremely grateful for Beech Tree’s support and advice over the last five years, the team have been integral in empowering the expansion and development which has resulted in our fantastic growth. As a team, we are excited to continue to build on this growth as we enter our new partnership with Macquarie. I am confident that the passion and quality of our people, management and infrastructure combined with Macquarie’s experience will drive us to even greater success in the future.”
Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, said:
“We are delighted to partner with the Wavenet team and help them continue their strong growth trajectory. This investment provides us with a unique opportunity to deploy our flexible capital to grow a leading UK technology service provider at a time when organisations across the country are looking for increasingly innovative technology solutions.
Wavenet’s focus on supporting companies through their digital transformation is an important and valuable one as businesses grasp the opportunities from future technologies. We are looking forward to using our experience from growing other UK businesses to support the development of Wavenet both from an organic and acquisitive standpoint.”
End.
Comments are closed