Birmingham financiers help complete corporate sale.
Springboard Corporate Finance have advised the shareholders of Proximity Communications on the sale of their business to Maintel plc.
Proximity is an award winning unified communications and managed services provider, specialising in voice and data network infrastructure solutions. Proximity works with a broad range of technology partners and has a diverse customer base across a range of medium and large enterprises. The business is headquartered in Berkshire with a further office in London and provides a nationwide service to clients.
Proximity has a strong track record, delivering EBITDA growth in excess of 20% per annum over the past three years, reporting revenues of £12.4 million and profit before tax of £1.1 million in the year ended 31 December 2013.
Maintel is a leading independent provider of unified communications, contact centre, voice, mobile and data solutions listed on AIM. The acquisition of Proximity is a core strategic investment as Proximity’s skill set will complement and bolster Maintel’s existing services and the enlarged group will have a comprehensive and compelling services portfolio.
The deal was led for Springboard by Partner Justin Sparks and Assistant Director James Bailey. Commenting on the transaction Justin said “The shareholders have worked hard over a number of years to grow Proximity into a market leading business with substantial recurring revenues and an excellent customer base. We secured a range of competitive offers from a rapidly consolidating market place. We are delighted to have negotiated and delivered the exit and believe that the sale to Maintel represents an excellent deal for both sides.”
Eddie Buxton, Chief Executive of Maintel, commented, “We are delighted to have acquired such a high quality and respected business which complements and builds on Maintel’s expertise and skills in the unified communications, managed services and networking space. Proximity boasts a diverse customer base with well developed, long term relationships across a range of impressive medium and large enterprises. The acquisition is expected to be earnings accretive for its first full year of ownership to December 2015”
The shareholders of Proximity were also advised by Rod Thomas and Alison Scott of Worcester-based Harrison Clark Rickerbys.