AdEPT Technology Group Plc snaps up ETS and prepares for further acquisitions
Cripps has advised longstanding client AdEPT Technology Group plc on its latest acquisition, the purchase of communications provider ETS Communications Holdings Limited and its subsidiary ETS Communications Limited.
ETS, based in Wakefield, provides unified communications and connectivity to businesses within the public sector and currently manages cloud-based telephony for more than 200 GP surgeries.
AdEPT is one of the UK’s leading independent providers of managed services for IT, connectivity, unified communications solutions and cloud services. This latest acquisition will see the company build on its existing operations and increase its reach to Yorkshire and Lincolnshire.
To provide further acquisition funding, AdEPT also secured a £5 million extension to its existing £30 million 5-year revolving credit facility agreement, enlarging its total debt facility to £35 million. The enlarged facility will be provided by Barclays Bank Plc and The Royal Bank of Scotland Plc.
The Cripps team led by Partner Nigel Stanford advised AdEPT on both the acquisition of ETS and on extending its credit facility. John Kirkwood and Aleks Wulff provided corporate advice and Julie Hughes led on the negotiations of AdEPT’s revised facility agreement.
John Swaite, Finance Director of AdEPT commented: “As ever, the Cripps team delivered for us, enabling us to get to completion of the new banking facility and the acquisition within four weeks of us reaching agreed heads of terms with the vendors, a fantastic team effort by all concerned.”
This deal is the latest of a number in the advertising and media sector for Cripps. For more information, click here.