Electranet (UK) Ltd (United Kingdom) - Jan 2008

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01 January 2008

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Zeus Private Equity has completed the £22m+ management buyout of specialist networking services supplier Electranet (UK) Ltd. Zeus invested £6m to support the deal alongside senior debt and working capital supplied by HSBC. The deal represented an exit for one of the founder partners of the company. Princecroft Willis ran an auction to facilitate the transaction which sees Zeus acquire a significant minority stake in the newco.

Company

Based in New Milton, Hampshire, Electranet was founded in 1996 and specialises in providing outsourced installation and maintenance services. Its primary focus is on IT hardware, network and cabling for public sector organisations in the UK, Northern Europe and North America. Clients include the Ministry of Defence, HM Prison Service and the NHS. Electranet generates EBITDA of £4m on a turnover of £24m. The company employs 40 full-time staff and has 200 sub-contractors.

People

Tony Dickin led the deal for Zeus and joins the board of the company with Zeus partner Ed Fazakerley. Zeus has introduced Bob Holt to the business as chairman. He is also chairman of AIM-listed The Mears Group. Andy Richards is the CEO of the company and co-founded it with exiting partner Andy Crouch. David Robertson, current finance director of The Mears Group, has also joined the board as a nonexecutive director. Dan Salanson worked for HSBC on the deal.

Advisers

Equity - BDO Stoy Hayward, Darren Philips, Paul Russell (Financial Due Diligence)Equity - Deloitte, Seamus Harcourt-Wood, Warren Chester (Commercial Due Diligence)Equity - Halliwells, James Pochin, Kate Roberts, Rebecca Grisewood (Legal)Management - Princecroft Willis, David Chapman, Mark Aitchison (Corporate Finance)Management - Shoosmiths, Lynn Knight,, Sally Norcross-Webb (Legal)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)