Core Capital's Kelway acquires Equanet

Carmen Reichman
15 April 2013

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Core Capital portfolio company Kelway has acquired the UK-based non-trade and public sector business of Equanet, the specialist IT solutions brand of Dixons Retail plc.

The acquisition of Equanet will widen Kelway's customer base in the north of England where Equanet is said to have a strong presence. Equanet will initially continue to operate as a separate brand within the group, however the two businesses will eventually trade on integrated systems.

Core invested £5m of replacement capital in Kelway in November 2006. The company has since then seen its turnover grow from £45m to £400m, including Equanet's business, and operates without long-term debt. The GP is aiming for a turnover of £500m for the combined company, it said in a statement.

Company
Equanet is a tailored IT solutions provider to large and medium-sized organisations throughout the UK. The enlarged group has a turnover of £400m and a network of 1,000 staff worldwide.

The combined business is based in London and has further offices in Bury and Hemel Hempstead (both Equanet) and around the UK, Singapore, Dubai and South Africa (Kelway).

People
Walid Fakhry is managing partner at Core.