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Bids, Mergers and Takeovers

AdEPT takes over OurIT Group

03 February 2017 07:34

AdEPT Telecom has signed a £30m five-year year revolving credit facility and agreed to acquire Our IT Department Limited and its trading subsidiary called Brightvisions.

The initial consideration is £4.75m less the net debt plus working capital of OurIT Group at 31 January.

AdEPT said OurIT Group offered its clients the delivery of outsourced IT services and managed service solutions.

It added: "The convergence of telecommunications and IT is an increasing requirement for AdEPT's existing and targeted enterprise and public sector customer base.

"The highly skilled team and product set at OurIT Group will complement and enhance AdEPT's existing services, allowing AdEPT to provide a full managed service to customers, incorporating unified communications and IT." AdEPT said the new larger revolving credit facility would be provided by Barclays Bankand The Royal Bank of Scotland on an equal basis and would be used by the company to fund the strategic acquisition of businesses to leverage benefits from increased scale and a wider product set. It said: "Following the successful execution of the company's acquisition strategy the Company had outgrown the previous £15m revolving credit facility, provided by Barclays, relative to the profitability of the company.

"The new syndicated debt facility provides increased scale and has a more flexible structure when compared to the Company's previous debt facility agreement.

Chairman Roger Wilson said: "We are delighted to have obtained the support of the team at RBS to work alongside our existing debt provider, Barclays, and provide a larger syndicated debt facility. This new bank facility provides the Company with a larger and more flexible structure to enable the Company continue with its strategy of acquiring earnings enhancing businesses for future growth."

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Related Company: ADT

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