PE Tech Report


Like this article?

Sign up to our free newsletter

Mwave secures Anacacia as equity partner to continue growth in video gaming, eSports and office tech segment

Online video gaming, pc enthusiast and tech hardware retailer, Mwave has attracted SME investor Anacacia to join its share register. The management team and Right Click Capital will both continue as investors alongside Anacacia. Management team members will continue in their executive roles but with access to a broader investor base and board to support their growth plans.

Victor Lee and his team founded Mwave in 2006. The business has become the leading supplier of computer products to the fast-growing video gaming, eSports and pc enthusiast segments. The business also supplies the SME business segment. Over the last three years, the team has more than doubled the size of the business through close relationships with leading brands and has annual sales of over USD150 million.

Lee says: “We are thrilled to welcome Anacacia Capital onto the share register alongside us. The Anacacia team demonstrated a clear willingness to understand the unique characteristics of our business model and our industry. We are excited about this next chapter with Anacacia, and I believe Mwave will continue to go from strength to strength.”

Experienced retail non-executive director Gary Levin is co-investing in the business, and joining the board as chair. Gary has over 30 years’ management, executive and non-executive experience in public and private companies. 

“Mwave has a proven track record in the enthusiast gaming and computer industry. I see a huge opportunity for them to leverage their unique market position to grow their product range and market share on the back of a solid foundation in the fast-growing home entertainment sector, particularly in the online market. I am really excited to be working with the Mwave team, Right Click Capital and Anacacia,” says Gary.

The company has disclosed no financial information on the investment but Anacacia invests in profitable, established, well managed businesses. Anacacia will be the majority shareholder with Victor Lee, the management team and Right Click Capital retaining material stakes. There is now an even stronger balance sheet for growth initiatives to support consumers.
Ari Klinger, founder and partner at Right Click Capital says, “We’ve been fortunate to have worked closely with Victor and the Mwave team over the last few years. This is an important milestone for the company and bringing Anacacia and Gary on board is a real credit to Victor and the team. We are excited to continue being part of Mwave’s growth journey.”

This investment is from the USD300 million Anacacia Private Equity III LP fund. Anacacia invests into leading small-medium enterprises (SMEs). Jeremy Samuel, Managing Director of Anacacia Capital said: “We are delighted to invest alongside the Mwave team and support an impressive success story. The management team and Right Click Capital have done a great job building the business over the last few years and establishing Mwave as a leading brand in their segment. We look forward to working with them as non-executives to continue supporting their customers”.

Like this article? Sign up to our free newsletter




Blackstone Private Equity