Wavenet has gained new financial backing from private equity firm Macquarie Capital Principal Finance.

Macquarie replaces fellow private equity house Beech Tree as the managed service provider (MSP)’s majority stakeholder. Beech Tree has invested in Wavenet since 2016, seeing its revenue grow from £14m five years ago to £60m this year.

Since receiving Beech Tree’s backing in 2016, Wavenet has gone on an M&A spree to bolster its product offerings and skills, as well expanding its footprint across the UK. Its most recent acquisitions of VIA, Townley, and Qubic has enabled it to offer a comprehensive suite of connectivity, cloud, and cyber services.

“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,” stated Bill Dawson, CEO at Wavenet.

“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.”

Macquarie boasts a number of MSPs in its portfolio, including fellow telecoms specialist KCOM. Its new partnership with Wavenet will boost its growth potential with a renewed focus on acquisitions.

Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, added: “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 provider at a time when organisations across the country are looking for increasingly innovative technology solutions.

“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.”

Paul Franks, Managing Partner at Beech Tree Private Equity, said: “We are delighted to have worked with Bill and the management team at Wavenet over the past five years. The business has grown substantially – both in scale and capability, including eight strategic acquisitions. Wavenet is now one of the stand-out unified communications players in the UK market. I wish Macquarie and Wavenet every success for the future.”

 

 



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