Lyceum's Adapt makes £13m acquisition

IT managed services provider Adapt acquired Welsh services solutions provider eLINIA as part of Lyceum's wider strategy of combining organic and buy-and-build growth.

The deal will create a group with combined turnover of approximately £50m and 165 members of staff.

Both companies' facilities and offices will continue to operate as they are, according to the GP.

Debt
Additional debt was arranged as part of the transaction. HSBC acted as debt lead in the original £30m buyout of Adapt in October 2011.

Company
eLINIA has offices in Cardiff, where it was founded in 2004, and further data centres in Newport and Slough, employing a total of 65 staff. It generates a £10m turnover, selling services solutions to a range of mid-market UK corporates across a variety of industries. The company's operational centre in Cardiff was acquired as part of the deal.

People
Lyceum partner Simon Hitchcock – who joined Adapt's board following the firm's investment in September 2011 – led the deal, supported by investment executive Martin Squier. eLINIA managing director John Jones and operations director Justin Lewis will join the main board of Adapt.

Advisers
Equity and company – Wragge & Co, David Marshall (Legal); PricewaterhouseCoopers, Chris Glazier (Financial due diligence); Latitude, Steve Hacking (Commercial due diligence).

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• Topics
• UK / Ireland
• Expansion
• Technology
• Acquisition finance
• United Kingdom
• Horizon Capital (formerly Lyceum Capital)