Palatine offloads Electranet to Capita

Following the sale, Electranet will join Capita's IT Enterprise Services division.

Palatine first invested in Electranet in January 2008, backing its £22m management buyout. Known then as Zeus Private Equity, the buyout house invested £6m in the deal with debt provided by HSBC, according to unquote" data.

In May 2010, Palatine supported Electranet's acquisition of KeTech's building management systems division KeTech 2As, investing £2.4m to fund the deal and provide working capital.

Company
Electranet is an IT networks provider. It runs one of the UK's few commercial sites approved to hold UK government information, enabling it to support secure government projects.

The company works with government and private sector clients in need of secure communication networks. Clients include the Ministry of Justice and the Ministry of Defence.

For the year ending February 2015, Electranet generated £15.1m in revenue and profit of £2.7m.

Electranet was established in 1996 and is based in Hampshire.

People
Andy Richards is CEO of Electranet.

Advisers
Company – Clearwater International, Carl Houghton (Corporate finance).
Vendor – Gateley, Rebecca Grisewood, Kate Richards (Legal).
Equity – DWF, Tom Maxwell, Gemma Gallagher, Ronnie Brown (Legal).

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