BGF's Adept bolts on Atomwide

An existing debt facility from Barclays and RBS will provide an additional £4.7m to fund the £12m acquisition. This retains room in the banking facility to support further acquisitive growth.

The bolt-on will extend Adept's ability to provide a range of IT and telecoms products to public sector customers.

The BGF investment will be in the form of a convertible loan note, convertible into ordinary shares in the company at £3.93 apiece. BGF first invested in Adept in September 2016. With the bolt-on, it expects its revenues will increase by around 19%.

The management of Atomwide will be retained.

Company
Established in 1987, Atomwide is an IT services provider currently servicing around 4,000 schools, 3,000 of which are in London. It is based in Orpington, Kent, and has around 50 staff. In the year to March 2017, it generated turnover of £7.5m and profit before tax of £1.9m.

People
Adept Telecom – Roger Wilson (chair).
Business Growth Fund – Paul Stevens, Matthew Singh, Tom Jenkins, Jonathan Simon (investors).

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• Topics
• Expansion
• Technology
• UK / Ireland
• United Kingdom
• BGF (Business Growth Fund)
• Acquisition finance