Lyceum Capital buys Adapt for £30m

Diana Petrowicz
04 October 2011

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Lyceum Capital has acquired IT service provider Adapt for ТЃ30m.

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)