Maven-backed Vodat buys Axonex

Three directors and majority shareholders from Axonex will become shareholders in the enlarged group.

Both businesses will continue to operate from their existing offices in Stockport and Cheltenham.

Vodat posted an operating profit of £458,748 from £8.8m in revenues for the financial year ending March 2017, according to publicly available documents.

Maven acquired Vodat for an enterprise value of £5m in March 2012. At the time, the company employed 46 people and generated revenues of £6.52m.

A seven-digit debt package was provided by HSBC's commercial banking department in Manchester to support the bolt-on of Axonex.

Company
Axonex is a specialist IT provider that aims to reduce complexity and operating costs for its clients. The business covers unified communications, data centres, and security and network infrastructure. It is supported by an extensive range of specialist accreditations, which includes being a Cisco Gold partner. It is based in Cheltenham and operates mainly in the south-west of England.

People
Vodat Communications Group – Neil Poultney (managing director).
Axonex – Andy Peters-Smith (managing director).

Advisers
Equity – RSM, James Wild, Matt Ritchie (corporate finance); Ward Hadaway, Paul Johnson, Rachel Clarkson (legal).

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• Topics
• Portfolio management
• UK / Ireland
• Technology
• Maven Capital Partners
• United Kingdom
• RSM Global