Clearwater International UK advises Wavenet on c. €85m debt package

Clearwater Advisor

Clearwater International UK has advised Wavenet, a provider of innovative unified communications (UC) solutions and a portfolio company of Beech Tree Private Equity, on refinancing its current banking facilities and raising debt finance to support further acquisitions. A Unitranche facility was provided by funds managed by Ares Management, whilst RBS provided a super senior revolving credit facility.

Founded in 2000, Wavenet has become a trusted supplier to thousands of businesses, covering telephony, internet, cloud, security and mobile. The Birmingham-based business has over 2,000 customers, connecting in excess of 12,000 end points – making them one of the largest UC service providers to SMEs in the UK.

The demand for UC across the SME market is growing rapidly, prompted by a desire to  reduce complexity of current infrastructure, lower communication costs and have the ability to scale up or down according to business need. This coupled with the highly fragmented nature of the UC market is helping to drive both organic growth and acquisition activity.

Clearwater International’s debt advisory team comprised of Director Joe Dyke, Associate Director Hertej Rattan and Associate Kieran Virr.

“We set out a couple of years ago to build a stand out business in the sector with leading cloud-based unified communications solutions. Our progress to date has been substantial and we are pleased with the pace of growth which has enabled us to provide better opportunities to our clients and our staff. I’m delighted we now have the firepower to continue the story and I look forward to announcing further deals in the not too distant future.”

Bill Dawson, CEO, Wavenet

“The team at Wavenet have done a phenomenal job of identifying and executing a number of acquisitions already. We want to continue the buy and build strategy we set out on and this new facility provided by funds managed by Ares and RBS, provides the capital to continue the build-up of this technology-led company. We will continue to add quality businesses that complement the converged data, voice, cloud, security and mobile offerings of Wavenet.”

Paul Franks, Managing Partner, Beech Tree Private Equity

“Wavenet is a quality business and the structure and flexibility of the debt facility will support its ongoing acquisition activity. This strategy has proved successful for the business since Beech Tree’s investment, and strengthened its position within the unified communications market. We are delighted to have been able to help the business boost its growth plans.”

Joe Dyke, Director, Clearwater International