One of the UK’s leading independent providers of unified communication solutions, AdEPT Telecom recently announced that it had signed a £30 million 5-year credit revolving facility agreement. The latest, larger facility will be provided by Barclays Bank alongside the Royal Bank of Scotland equally, and will be used by AdEPT to facilitate the strategic purchase of businesses to help them leverage the benefits of a wider product portfolio.
Following the successful execution of the company’s strategy for acquisition, the company outgrew the previous £15 million revolving credit facility relative to the profitability of the business. The latest syndicated debt facility will offer an increased solution for scale, and also comes with a more flexible structure when compared to the previous debt agreement.
A New Acquisition
AdEPT’s chairman, Roger Wilson noted that the company was delighted to have received the financing it needed to grow as a business, and the board also announced that it had signed an agreement to begin from the 1st of February which would allow it to obtain the share capital of “Our IT Department Limited“, and its trading subsidiary “Brightvisions”. Overall, the purchase was for the culminated “OurIT group”.
The “OurIT Group” provides its client with a collection of outsourced managed service and IT solutions. Since the convergence of IT and telecommunications is becoming a significant requirement for the AdEPT targeted and existing enterprise and public sector audience, this purchase was a natural progression for the growth of the company. It should help to enhance AdEPT’s existing services and allow them to provide a fuller service to customers.
About OurIT
OurIT was founded during 1993, and is known as a highly-accredited IT service provider with more than 2 decades of experience in offering award-winning constant support and technology solutions. Both Brightvisions and OurIT use a team of highly-skilled professionals to provide unique and comprehensive outsourced IT solutions to customers in the South East and London.
In response to the latest financial development, and the new purchase, the chief executive of AdEPT, Ian Fishwick commented that the business was thrilled to have acquired such an incredible, profitable, and well-run business with a strong existing management team. He noted that as AdEPT continues to grow, OurIT represents a perfect fit for the company, as just like AdEPT, it is asset-light, complimentary and builds upon the existing expertise and skill in the AdEPT portfolio.
As IT systems and telecoms continue to converge, this change has been an important step forward for AdEPT in their strategy to become a more comprehensive and fully-managed service provider. The OurIT Group comes with a well-developed customer base, featuring long-term relationships with customers across a range of large and mid-sized enterprises.
