Penta-backed SpiriTel acquired by Daisy plc

The valuation includes the repayment of debt facilities from Clydesdale Bank, who has funded SpiriTel's buy and build strategy since 2007. Daisy Group has purchased the company at the price of 51.5 pence per share.

Penta Capital originally backed SpiriTel in 2003, and recently led a £10m round of fundraising in November 2009. Prior to the exit, the private equity firm held a 82.3% stake in the business; it stated that the sale resulted in a "substantial profit" being made.

Under Penta ownership, SpiriTel made 12 strategic acquisitions to bolster its operations.

Founded in 1989, SpiriTel is a provider of communications services to business customers. Its products portfolio includes calls, line rental, broadband, telephone system installation & maintenance, IP communications, wireless networking, hosted VoIP, mobile voice and data services, and structured cabling.

SpiriTel was listed on the AIM market of the London Stock Exchange in 2004. The company posted a £21.3m turnover and £1.6m EBITDA for 2009.

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