Adept4 acquires CloudCoCo, plans rebranding

Tue, 22 Oct 2019 | BUSINESS SALE



Warrington-based IT services provider Adept4 has completed the acquisition of cloud technology company CloudCoCo Ltd.

The deal had been agreed earlier this month and went through following shareholder approval at a general meeting held Monday (October 21).

Following the deal, CloudCoCo chair Andy Mills has been appointed Chief Executive Officer of Adept4. Adept4 has, additionally, exercised a call option on the loan notes it issued as consideration for the acquisition, issuing 218.2 million acquisition shares to sellers in exchange. Adept4 has also completed its debt refinancing.

Upon full completion of the acquisition, CloudCoCo Ltd. will rebrand as CloudCoCo Group Plc. The rebranding will be followed by a change of web address and trading ticker.

Commenting on the acquisition, Adept4 Chair Simon Duckworth said, “I am delighted that we have now completed the acquisition of CloudCoCo and, at the same time, revised the terms and reduced the level of the group's indebtedness.

"I would also like to welcome Andy Mills to the board. We are very much looking forward to working with Andy and his team as we set about integrating the two businesses. This is an opportunity for us to put Adept4 on a much sounder footing and we approach the future with renewed enthusiasm and vigour."

New Adept4 CEO Andy Mills commented, “I know I speak on behalf of CloudCoCo's founder Mark Halpin and the rest of my colleagues when I say that we are all delighted to be joining the Adept4 team.

"We see a great opportunity ahead to generate value for all stakeholders in the enlarged business through harnessing our sales and marketing skillset with Adept4's technical knowledge and product suite. The hard work starts immediately and we look forward to reporting our progress over the coming months.”

Adept4 shares closed up 17 per cent at 3.22 pence in London on Monday.

For more information about successfully sourcing, approaching and buying a rival business, see the guide to Acquisition Strategy.

View businesses for sale.


Share this article



Latest Businesses for Sale

Electrical Product Specialists
Hampshire, UK Wide

A great opportunity to take on a respectable electrical control panel manufacturer in Hampshire is now available to the market. High end technology. Registered ECA member. Commercial client base. Skilled team of staff. Excellent reputation. Offers in...

Asking Price: £900,000
Turnover: £578,207

LEASEHOLD


IT, ERP & CRM Solutions & Software Support Provider
UK Wide

Specialises in the provision of Sage 200 and Sage CRM systems, as well as Office 365 and other solutions. The company has developed its own Sage-based solution for a niche sector, which contributes over £1 million to turnover per annum. Established o...

Asking Price: Offers Invited
Turnover: £3,200,000

LEASEHOLD


Smart Meter Installer
North of England, UK Wide

Offers a first-class service in smart meter installations. Has completed over 500,000 meter installations at a completion rate of 85%, higher than the national average. Has the experience required to manage complex projects for clients and boasts a s...

Asking Price: Offers Invited
Turnover: £1,600,000

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
11
 
Aug
 

PPL Corp. seeks sale of Western Power Distribution | BUSINESS SALE

PPL Corporation has announced that it has put its UK utility...

 
10
 
Aug
 

Adelie Foods’ Urban Eat brand acquired by Samworth Brothers | BUSINESS SALE

Samworth Brothers has completed the £6.4 million acqui...

 
07
 
Aug
 

Wrexham-based wire firm falls into administration | ADMINISTRATION

Wire manufacturer Wrexham Wire has fallen into administratio...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
27
 
Aug
 

Adept4 IT service provider to acquire Leeds cloud technology firm | BUSINESS SALE

Adept4, an AIM-listed IT services company based in the North...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources