AdEPT secures £7.3m BGF backing

AdEPT secures £7.3m BGF backing

AdEPT Telecom Plc has received a further £7.3m in funding from the Business Growth Fund (BGF).

BGF, the UK’s most active provider of long-term capital to growing UK businesses, has invested a further £7.3m in AdEPT Telecom Plc.

Headquartered in Tunbridge Wells and listed on AIM, AdEPT is one of the UK’s leading independent providers of unified communications and IT managed services.

The new funding, along an existing debt facility, will support the acquisition of Atomwide Limited, a well-established UK based specialist provider of IT services to the education sector.

Roger Wilson, chairman of AdEPT, said: “Following their initial equity investment in AdEPT during 2016 we are delighted to have obtained further support from the team at BGF to work alongside our existing debt providers, Barclays and The Royal Bank of Scotland, and provide funding for the acquisition of Atomwide. This gives us the market leading position in IT for education in London.”

Paul Stevens, BGF, added: “Roger and CEO Ian Fishwick have built an attractive platform for acquisitive and organic growth. The team’s knowledge of the market and track record of delivery are impressive and we are delighted to be supporting the acquisition of Atomwide and the longer-term ambitions of the group.”

The acquisition of Atomwide further extends AdEPT’s ability to provide a full suite of specialised IT and telecoms products to public sector customers, and will position AdEPT as the leading IT provider to schools across London, supporting around two million users.

The investment, in the form of a convertible loan note instrument, has been made by BGF Quoted, BGF’s specialist team focused on listed businesses. Previous investments in AIM-listed companies include Accsys Technologies (AXS), Victoria (VCP) and Satellite Solutions Worldwide (SAT).

BGF initially invested in Adept in September 2016.