Latest Exit highlights benefit of using an advisor
Technology and telecoms adviser Knight Corporate Finance has advised the shareholders of Portal Voice and Data on its sale to Wavenet, the telecoms service provider backed by Beech Tree Private Equity.
Established in 1999, Portal is a Norfolk-based supplier of telecommunications solutions including Telephony, Data, VoIP and Cloud to numerous organisations across a wide range of industry sectors across the UK.
John Corney, Managing Director of Portal expressed some initial reservations about using an advisor, especially in relation to his previous experience of working with a generalist broker. These were overcome over the course of a competitive transaction process which delivered a deal that matched his ambitions for the business.
Mr Corney commented, “We chose Knight because they had expert knowledge of our sector, strong buyer relationships, attracting multiple offers for our business. Their experience during the technical aspect of negotiations was essential and made a difficult process as smooth as can be”.
Knight Director, Adam Zoldan commented “We thoroughly enjoyed working with John and the Portal team and are delighted to have negotiated the right deal for him. We often see buyers trying to attract “off-market” deals without advisers, and the main driver for this is to acquire businesses with a price and structure below typical industry benchmarks. Working with Knight will deliver the best price, but the feedback from our clients is often focussed on the value we bring behind the scenes to ensure transactions are delivered on time and to expectations”.
Interestingly, this sentiment was also reflected by the Buyer; Bill Dawson, CEO of Wavenet said “We are delighted that Portal are joining the Wavenet Group which will help further our presence in the east of England. We always appreciate working with an advisor like Knight because in an intense sales process, Knight focus on the real issues, ensure they are resolved and work to get the deal completed on time”.
Zoldan added “For many, selling a business will be a one-off, life-changing experience. It involves an incredible investment of time and energy in a highly charged, technical M&A environment. We would urge any would-be seller to ensure they have the skills and resources on-side to support them.”
Adam Zoldan was supported on the transaction by Dom Lillie and Chris Collins.
Founded in 2008, Knight work with entrepreneurs to unlock and realise shareholder value in their business. It has completed over 100 deals in the technology and telecoms industry from its London and Warrington offices. Other recent deals include advising Diva Telecom on its sale to Babble Cloud, Network Telecom on its sale to Enreach and Invosys on its £6m+ funding package from Santander.