Griffin sold to MDNX

Griffin logo

Clearwater Advisor

Clearwater International has advised Derby-based corporate internet services provider, Griffin, on its acquisition by MDNX, an independent integrator providing critical managed networks to major UK enterprises, government and channel partners.

The acquisition strengthens separation of indirect channel and direct operations creating a £85m revenue managed networks business with greater scale and increased capabilities. Griffin is one of the leading providers of network services and data network connectivity solutions to the UK reseller community. Under the terms of the deal, MDNX will also acquire Griffin’s sister company Iconnyx – a London-based company delivering managed hosting, cloud and managed IT services for mid-market companies.

Iconnyx and Griffin are the principle trading companies of Octium Limited. With the acquisitions, the combined MDNX Group will have significantly more scale, breadth of support and capability to ensure the company’s continued success in the UK business market. The company will become the UK’s largest independent integrator of its type. Group annualised revenues will be £85m, with 3000 customers, 600 partners and 300 employees.

“It was evident that the synergies offered to the right trade buyer would be significant – the fit with MDNX is excellent which should see significant opportunities for the combined business.”

Carl Houghton, Partner, Clearwater International