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Comments Off on AdEPT Telecom Continues Acquisition Spree with Takeover of Our IT Department, Its Third in Three Months

AdEPT Telecom Continues Acquisition Spree with Takeover of Our IT Department, Its Third in Three Months

Posted by Admin | February 8, 2017 | Telecoms

An independent telecoms company has completed its third takeover in three months after securing a £30 million finance deal with the bank.

AdEPT Telecom, based in Tunbridge Wells, will pay nearly £4.8 million up front for Our IT Department, a 24-hour computer support business in London founded in 1993.

The deal helps it combine telecoms and IT, in what chief executive Ian Fishwick said was a “step forward in our strategy to become a fully managed service provider”.

Bosses said they expect the new acquisition will increase revenues by about 15% and forge long-term relationships with some medium to large customers.
Our IT managed pre-tax profits of £259,000 and revenues of £3.7 million in 2015.

The deal also includes its subsidiary Brightvisions, which had pre-tax profits of £167,000 and turnover of £1.46 million over the same period.

AdEPT has been hot on the acquisition trail in recent times, buying CAT Communications and Progressive Communications in November, two sister businesses in Pewsey, Wiltshire.

Its latest takeover is its eighth in the last four years.

It comes as AdEPT has secured a more flexible funding agreement with Barclays and Royal Bank of Scotland, known as a revolving credit facility, which will give it access to up to £30 million if needed over the next five years.

It doubles its previous facility of £15 million with Barclays.

Chief executive Ian Fishwick said: “OurIT Group is an excellent fit because, like AdEPT, it is asset-light, complements and builds upon AdEPT’s existing expertise and skills, and further extends the product and service portfolio by adding IT services.”

Source: kentonline

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