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Eversheds Sutherland advises shareholders of Beech Tree-backed Wavenet Group on its sale to Macquarie Capital

  • United Kingdom
  • Global

    08-06-2021

    Eversheds Sutherland has advised the shareholders of Wavenet Group (Holdings) Limited (Wavenet), on its sale by private equity investor Beech Tree to Macquarie Capital Principal Finance (Macquarie Capital).

    Beech Tree is a specialist buy and build investor in high-growth sectors. It invested in Wavenet, a leading cloud telecoms, IT and technology managed services provider, in 2016 after identifying the potential for growth and Wavenet’s unique position as both an Internet Service Provider (ISP) and Managed Service Provider (MSP).

    Over the past five years, Beech Tree has helped Wavenet to accelerate growth from £14M turnover in 2016 to over £60M in 2021, through a mixture of acquisitions and strong organic growth.

    The Eversheds Sutherland team was led by corporate Partner Antony Walsh and comprised: Partner Patrick Davis (banking), Principal Associate Helen Mackey (tax), Senior Associates Hannah Kaye (corporate), and Lisa Boyle (banking), and Associates Annabel Smethurst (corporate), and Jannine Nicholas (tax).

    Antony Walsh, Eversheds Sutherland, said:

    “We’ve been advising Beech Tree, and in turn, Wavenet, for a number of years, and at each step, helping Wavenet a little closer to successfully realising its ambitious buy and build strategy along the way. Having now helped to secure the final piece of that strategy through advising on this exit, we couldn’t be more delighted. We look forward to continuing to support the team on future opportunities.”

    Paul Franks, Managing Partner at Beech Tree, commented:

    “Eversheds Sutherland has been instrumental in executing the buy and build for Wavenet. They assisted on our initial investment, the follow-on acquisitions and ultimately our exit. Their advice along the way has been first class and their efforts hugely appreciated in building Wavenet’s standout success story in the unified communications market.”

    Eversheds Sutherland also advised Beech Tree on its investment into Performanta in March this year, and Wavenet on its acquisition of Qubic which closed in December 2020. The global law firm has advised on a number of acquisitions during the course of Beech Tree’s ownership as part of its buy and build strategy.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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