Livingbridge invests in Welltel

The GP invested in the business through its Enterprise 3 fund, which closed on £334m in October 2019. Livingbridge invests in SMEs with enterprise values of up to £50m.  

Livingbridge intends to accelerate Welltel's growth plans by supporting its M&A programme and its organic expansion. It will also invest in Welltel's infrastructure, according to a statement.

The business has an acquisition facility provided by Duke Royalty, according to Unquote sister publication Mergermarket. In August 2020, the company's CEO, Ross Murray, told Mergermarket that Welltel was considering acquisitions of Ireland-based counterparts, as well as contemplating financing options from private equity firms.

Company
Headquartered in Dublin, Welltel was founded in 2007 and is an enterprise communications provider in Ireland; it provides customers with advice in unified communications, contact centres, secure connectivity, managed IT services, remote working, and phone systems. It employs 115 people and generates revenues of €17m.

People
Livingbridge – Matthew Caffrey (partner); Luke Bray (associate director); Andy Harrington, Tom Smith (investment managers).

Advisers
Equity – Clearwater International (corporate finance); Pinsent Masons (legal).
Company – Deloitte (corporate finance); Arthur Cox (legal); BHSM (legal); PwC (tax).

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