Palatine supports Selection Services’ acquisition of 8el
Palatine Private Equity and Beechbrook Capital have backed the management of Selection Services, an IT managed service provider, in the acquisition of Aggregated Telecom, which trades as 8el.
This is the first of what is set to be several acquisitions this year. The acquisition will significantly increase Selection’s service capabilities, adding networking, connectivity, voice and hosted telephony.
The combination of Bromley-based Selection Services and 8el creates a business with nearly 400 employees and revenues of GBP37m. It represents a major step towards the business offering a full suite of IT services to its target SME and mid-market audience.
8el, based in Reading, was founded in 2001 by Justin Hamilton-Martin, who will be joining the operating board of directors as head of Selection Service’s networking service line.
He says: “We are delighted to have concluded the deal and take our place as an integral part of Selection Services going forward. Our services are perfectly complementary to those already established within Selection’s portfolio. This really excites me because it enables us to present a very powerful proposition to our combined clients. It truly enables us to promote the ‘Single Technology Partner’ status.”
Tony Dickin, partner at Palatine Private Equity, says: “We are really pleased to have concluded the second acquisition following the original MBO in December 2011. Importantly the acquisition brings a wealth of knowledge and experience to the Selection team in managed communications and access to new customers. Overall it strengthens our position as we continue to become the UK’s leading managed service provider to the SME market.”
GrahameHarrington, managing director of Selection Services, says: "This acquisition significantly enhances and matures our service offering and client proposition. It is the first of what is hoped to be several acquisitions this year. The transaction accelerates our growth and evidences our desire to establish Selection as a market leading managed service provider, offering robust enterprise-wide solutions predominately to the SME community."
Barclays Bank provided additional working capital facilities for the acquisition. The company was advised by Grant Thornton (corporate finance), Tenon (financial due diligence), CIL (commercial due diligence) and Gateleys (legal).
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