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Comments Off on AdEPT Buys Our IT Department as it Scores £30m Facility

AdEPT Buys Our IT Department as it Scores £30m Facility

Posted by Admin | February 14, 2017 | Unified Commuication

Unified comms provider promises more strategic acquisitions as it double size of credit facility

Unified communications provider AdEPT Telecom has bagged a £30m credit facility just as it revealed details of its latest acquisition.


Having snapped up Avaya partners Comms Group and CAT Communications in May and November, respectively, on 1 February AIM-listed AdEPT bought MSP Our IT Department for an initial consideration of £4.75m.

The new £30m five-year revolving credit facility, which is double its previous £15m facility, will be used to fund further strategic acquisitions. It will be provided by Barclays Bank Plc (“Barclays”) and The Royal Bank of Scotland Plc (“RBS) on an equal basis.

Adept is already something of an acquisition connoisseur, having bought Avaya partner Comms Group in May last year and CAT Communications, a Wiltshire-based UC specialist, in November.

AdEPT chief executive Ian Fishwick said the OurIT acquisition represents an “important step forward in our strategy to become a fully managed services provider”.

Chingford-based OurIT hit a pre-tax profit of £259,000 on revenues of £3.71m in its fiscal 2015. Its Cambridge-based subsidiary, Brightvisions, which is included in the deal, hit a pre-tax profit of £167,000 on revenues of £1.46m.

Counting Microsoft, Apple, Cisco and Dell among its vendor partners, OurIT Group offers outsourced IT services and managed services.

The deal is for an initial cash consideration of £4.75m and a further cash consideration of £3.75m if certain post-acquisition targets are hit. Both those figures are less the net debt plus working capital of the firm.

Source: channelweb

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