Equistone-backed WHP Telecoms acquires Sitec

Katharine Hidalgo
10 December 2019

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Equistone Partners Europe portfolio company WHP Telecoms has acquired Sitec Infrastructure Services.

Equistone acquired WHP from Palatine Private Equity in March 2018, drawing equity from its Equistone Partners Europe Fund VI. The fund closed on €2.8bn in March 2018 and was 8% deployed in December 2018.

This is the first acquisition WHP has made since Equistone's initial investment and was supported by the firm, Unquote understands.

The combined group will have a turnover in excess of £100m and 500 employees. The acquisition was also intended to allow WHP to enter the fibre market.

Company
Founded in 2007, Sitec is a project management company providing services for the UK-based mobile and fixed-line network operators. The business specialises in network design, rollout, upgrades, and management for the mobile telecommunications industry. It also has an expanding presence in the wayleave, design (planning) and installation of fixed-line fibre optic networks.

Based in Waterbeach, the company generated revenues of £12m for the year ending in October 2018, up from £10m in the same period the previous year. The company generated an operating profit of £60,414 in the year to 31 October 2019, up from a loss of £491,922 in the same period the previous year.

People
Equistone – Andi Tomkinson, Sebastien Leusch (investment director).
WHP Telecoms – Rob Potter (CEO).
Sitec Infrastructure Services – Adam Eatock, David Hawthorne (directors).

Advisers
Acquirer – Clearwater International, Michael Loudon, Tom Barnwell (corporate finance, debt); Addleshaw Goddard, Jemma Clarke, Ben Collins (legal); BDO, Chris Heatlie (financial due diligence).
Company – JDC Corporate Finance (corporate finance); Mills & Reeve (legal).