The deal is the largest deal in Wavenet's history and boosts turnover to more than £100M as acquisition of Excell Group completes.
International legal practice Osborne Clarke has advised the majority shareholders of Cambridge-headquartered Excell Group on its acquisition by Wavenet for an undisclosed consideration.
Wavenet, an award-winning, leading UK supplier of business telecommunication and technology solutions, backed by Macquarie Capital, is advancing its cloud and workspace offering by adding the experience and infrastructure of Excell Group into its solution and service portfolio. This acquisition will significantly bolster Wavenet Group’s market share in the cloud and workspace market and strengthen its place as one of the UK’s leading managed service providers to businesses for fully converged data, voice, cloud, and IT.
Cambridge-headquartered Excell Group has grown steadily since its inception through both organic and acquisitive means, expanding its network, portfolio and creating a hugely successful business centre service for landlords and serviced offices.
The acquisition means that Wavenet will now provide services to over 10,000 businesses, with Wavenet’s annual turnover climbing to more than £100m.
The acquisition of Excell brings the benefits of increased scale, true London presence and the unique business centre infrastructure arm to the already comprehensive portfolio of services and solutions that Wavenet can provide to its customers.
The Osborne Clarke team was led by Partner Mike Freer with support on the corporate side from Associate Directors Rob Pook and Will Nicolson, Associate Rebecca Davies, Paralegal Emily Greatrix and Trainee Chris Flach. Senior Associate Laura Hanley provided finance guidance, while tax advice was headed up by Partner Mat Oliver who was supported by Senior Associates Bridget Baille and Helena Zaba. Associate Director Dan Sharman and Senior Associate Rhiannon Jones advised on incentives.
Darren Strowger, Founder and Chairman of Excell Group said: "Mike Freer and the Osborne Clarke Team were with us from the start of the process until the very end. Their experience of working with founder owners on transactions backed by private equity capital, and their expertise in the managed communications sector in particular, proved invaluable."
Osborne Clarke’s corporate team is considered a go-to practice for many companies in the tech, media and comms sectors, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.