Tue, 27 Aug 2019 | BUSINESS SALE
Adept4, an AIM-listed IT services company based in the North West, has signed a deal to take over CloudCoCo – a cloud technology firm headquartered in Leeds.
The deal will allow Adept4 to acquire CloudCoCo’s share capital of roughly 218.2 million ordinary shares at one penny each through a non-binding heads of terms. This will represent 49 per cent of the enlarged issued share capital.
Founded in 2017, CloudCoCo offers a range of cloud-related technologies and services, and is known to have a profitable trading history and a strong future ahead.
Upon completion of the acquisition, a member of CloudCoCo’s management team will join Adept4’s board.
Adept4’s chairman, Simon Duckworth, said: “We are delighted to have agreed heads of terms to acquire CloudCoCo which has a proven salesforce with an enviable growth track record.
“Subject to completion of the proposed acquisition, we plan to drive growth from both Adept4’s existing customer base and CloudCoCo’s own customers and pipeline. Furthermore, the associated proposed reduction in the company’s debt would strengthen the group’s balance sheet and demonstrate the strong support of our largest shareholder. We see this as a very positive step to return value to shareholders.”
The acquisition is subject to shareholders approving the deal, and upon signing a share purchase agreement. The deal, however, would not constitute a reverse takeover.
At present, Adept4 holds £5 million of unsecured loan notes with BGF, which will be released to MXC Capital upon the completion of the sale for £3.5 million. MXC Capital holds 29.9 per cent of Adept4’s issued share capital.
This is a very exciting high end opportunity with many different income streams from phone, computer, tablet sales and repairs. The business has been trading for 8 years and enjoys a substantial turnover which is derived from shop sales selling phone...
LEASEHOLD
Provides a range of managed services including consultancy, user and infrastructure assurance, monitoring, analysis and information security. Focuses on delivering IT and Information Security Managed Services to SMEs. Offers invited.
LEASEHOLD
Services cover IT support, communications, cloud services and security. All clients benefit from a dedicated Accounts Manager. Works with circa 120 active clients, all of whom provide reliable, repeat business. Offers invited.
LEASEHOLD
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Oct
|
Adept4 acquires CloudCoCo, plans rebranding | BUSINESS SALE
Warrington-based IT services provider Adept4 has completed t...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources