Travers Smith LLP has advised Macquarie Capital Principal Finance (Macquarie Capital) on its acquisition of a majority stake in Wavenet Group Holdings Limited, a multi-award-winning provider of telecoms and technology solutions – serving thousands of small and medium-sized businesses and enterprises across the UK.
Founded in 2000, Wavenet helps over 8,000 small and medium sized UK businesses and public sector bodies with the procurement and management of data, voice, contact centre, IT and technology services – supporting the adoption of innovative new technologies at a lower cost than would have been available directly.
Over the past five years, Wavenet has grown rapidly from £14 million turnover in 2016 to over £60 million in 2021, through a mixture of acquisitions and strong organic growth. The new partnership with Macquarie Capital will boost this growth potential, by providing both expertise and flexible growth capital. This will enable more investment in the people at Wavenet and provide a renewed focus on strategic acquisitions.
Macquarie Capital has acquired the majority stake in the business previously held by Beech Tree Private Equity.
The Travers Smith team was led by Head of Corporate Spencer Summerfield with support from Senior Associates Hugh Hutchison and Ben Lowen, and Associate Victoria Robinson and Trainee Tom Purkiss.