Orbis Advises On £35 Million Buyout Of Unified Communications Provider Wavenet
Orbis Partners have advised on the £35 million management buyout (MBO) of Wavenet, a specialist provider of unified communications solutions, to Beech Tree Private Equity.
Wavenet provides communications products and services to over 2,000 customers in the UK SME market and was founded in 2000 by Chris Jones. In 2008, current CEO, Bill Dawson invested in Wavenet to support Chris’ growth plans.
Orbis were initially mandated by Wavenet to identify trade buyers for the business. At early stages of the process, differing motivations in the shareholder base confirmed that a straight trade sale didn’t appear to be the best option. As a result, Orbis undertook a process to explore the option of a financial buyer.
Beech Tree invested £35 million to meet shareholder’s personal requirements and fund the future growth plans. The funding package provided by Beech Tree and RBS includes a war chest to support acquisitions.
The Orbis Team supported the process from start to finish with enthusiasm, professionalism and focus. Their help and support throughout was invaluable, it has enabled us to secure a great deal meeting the requirements of all stakeholders.
Chris Jones, Founder
Orbis were excellent throughout the deal. Their input at all stages of the transaction was hugely valuable, the new funding solution puts Wavenet in a great position to realise its growth potential – I wouldn’t hesitate to use Orbis again.
We are delighted to meet the differing requirements of the shareholders and believe with this deal structure the new management team are well placed to elevate Wavenet to the next level.
Legal advice to Wavenet was provided by Richard Griffiths and Jody Webb at Higgs and Sons LLP.