EQT Mid Market leads Adamo Telecom buyout

EQT’s mid-cap vehicle EQT Mid Market Europe has acquired a majority stake in Spanish internet service provider Adamo Telecom Iberia.

The buyout sees Adamo's management team, led by founder and CEO Fredrik Gillström, invest alongside EQT for a 20% stake in the newco.

In a statement, the GP said it would support the continued build-out of Adamo's fibre network in Spain.

EQT tapped its 2016-vintage EQT Mid Market Europe fund for equity to fund the deal.

Company
With offices in Madrid and Barcelona, Adamo is a provider of fibre-based internet services in Spain.

The company employs a staff of 58 and is expected to generate around €7.8m of revenues in the 2016 financial year, according to a statement.

People
EQT - Johan Dettel (partner).
Adamo - Fredrik Gillström (founder, CEO).

Advisers
Equity - Deloitte (financial due diligence, legal).
Company - EY (corporate finance).

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