
Lyceum Capital buys Adapt for £30m
Lyceum Capital has acquired IT service provider Adapt for £30m.
Adapt's founder Peter Knight will remain on the board and has reinvested alongside Lyceum. The capital will be used to further expand the business through organic and add-on acquisitions.
Debt
A debt structure was provided by HSBC.
Company
London-based Adapt is a provider of enterprise-class cloud, infrastructure management, network and data centre services to mid-market companies operating business critical IT applications. Current clients include businesses such as PKR, Cubic Transportation, Last.fm, LOVEFiLM and LCH.Clearnet. Established in 2001, Adapt generates a turnover of £35m and an EBITDA of £3.9m and employs 100 people.
People
Simon Hitchcock is partner at Lyceum Capital.
Advisers
Equity - Highwire Consulting (Management due diligence)
Company - Oakley Capital, Chris Godsmark (Corporate finance); Wragge & Co, David Marshall (Legal)
Management - Marsden Clark, Philip Marsden, Jim Clark (Corporate finance); BDO, Chris Grove (Financial due diligence); Armstrong, Robin Illingworth (Commercial due diligence)
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