Synova Acquires Actimax in IT Sector Buy and BuildBy Synova Capital, PRNE
Tuesday, April 26, 2011
LONDON, April 27, 2011 - Synova Capital ("Synova"), a UK private equity fund focused on
the lower mid-market, announces the acquisition of Actimax PLC ("Actimax" or
the "Group" or the "Business").
Actimax is a leading UK supplier of IT and Telecoms
infrastructure services to the underserved SME market including the provision
of VOIP, systems maintenance, data services, mobile and hosting services.
With over 500 customers and high levels of recurring revenue, Actimax
represents a stable and fast growing platform for a buy and build in this
highly fragmented sector.
Synova has supported the incumbent management team, led by CEO
John Massey, in a management buy-out from Foresight VCT PLC. Synova has also
appointed Charles Cameron as Non-executive Chairman. Charles brings with him
a wealth of operational and acquisition experience in the sector and is the
former CEO of managed services provider InTechnology Group plc, having
formerly been a Managing Director of Goldman Sachs's TMT Division in London.
John Massey, CEO of Actimax commented: "We have been able grow
Actimax throughout the economic downturn by combining best quality systems
with best value pricing and market leading customer service standards. With
Synova's support we now have the capital available to make complimentary
acquisitions with the aim of building a Group with a truly unified and
nationwide proposition in IT and telecoms to the UK's SME customers."
Philip Shapiro, a Managing Partner of Synova Capital added:
"We are delighted to be backing such a proven and successful management team
who have already managed to deliver strong growth throughout the downturn.
Actimax has considerable scope to add more products and services and is in an
excellent position to act as a platform for a buy and build in the fragmented
IT and telecom services market. We are already looking at some potential
additions to the Actimax Group and are excited at the prospect of supporting
the Group with more capital."
Notes to Editors:
1. Synova was advised by:
a. Commercial Due Diligence - CIL led by Sebastian Chambers
b. Financial Due Diligence - Ernst & Young led by Cary Wilson
c. Legal - Travers Smith led by Edmund Reed.
2. Synova has committed total funding of up to GBP15m to
Actimax for the buy and build. Further information is available from
3. Synova invests in UK lower mid-market growth opportunities
with a particular focus on companies valued at between GBP5m and GBP30m. Key
verticals include business and support services, financial services, consumer
and leisure and healthcare.
For further information: Synova Capital, Philip Shapiro, Managing Partner, Tel: +44(0)20-7491-5705, email: info at synova-capital.com; Actimax, John Massey, CEO, Tel: +44(0)1268-243-903
Tags: April 27, London, Synova Capital, United Kingdom