Beech Tree's Wavenet secures €85m refinancing

The new package sees Ares Management providing a unitranche facility and RBS providing a super-senior revolving credit facility.

Wavenet is undertaking an acquisitive growth strategy since being backed by Beech Tree two years ago. To date, it has made three bolt-ons; Swains and Talk Internet in 2017, and APR Telecoms in April this year.

Previous funding
Beech Tree backed the £35m management buyout of Wavenet in 2016, with RBS providing the original debt package to support the transaction.

Company
Founded in 2000 and headquartered in Solihull, West Midlands, Wavenet provides communications services including IT networks, internet, fixed-line and mobile telephone networks. The business, which primarily serves SMEs, has around 2,000 clients across the UK.

People
Beech Tree Private Equity – Paul Franks (managing partner).
Wavenet – Bill Dawson (CEO).

Advisers
Company – Clearwater International, Joe Dyke, Hertej Rattan, Kieran Virr (debt advisory).

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• Refinancing
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• Royal Bank of Scotland