Silverfleet announces acquisition of Azzurri Communications
Silverfleet Capital, a mid-market private equity specialist, has completed the acquisition of Azzurri Communications (“Azzurri”), a leading voice and data services company from 3i for £182.5 million. The Azzurri management team will be re-investing alongside Silverfleet.
Azzurri is a converged voice and data communications specialist providing consultancy services to UK organisations. Azzurri was formed in June 2000 with support from 3i and has been built through the integration of fifteen strategic company acquisitions. Headquartered in Newbury, Berkshire, Azzurri currently has an integrated national network of nine sales and support operations employing over 800 personnel. The business is forecast to generate revenues in excess of £100 million in the year to June 2006.
Backed by leading manufacturers and networks, Azzurri provides solutions that include voice, data, consultancy, networking, digital print and mobile. Azzurri also provides consultancy such as in-depth communications audits for large corporations and comprehensive telecoms management services. The Company’s four bespoke services include:
- Consultancy: Azzurri offers audit and advice on controlling voice, data and mobile estate costs in the UK and internationally, providing business efficiencies and a route to convergence.
- ICT Solutions: ICT Solutions is a project focused service and offers the design and implementation of complex, bespoke and best of breed ICT systems.
- Managed Networks: Managed Networks encompasses total infrastructure management. The Company contracts all fixed and variable charges for voice, mobile and data infrastructure.
- Support Services: Support Services provides a single-source solution for complete support of voice and data estates, through secure network operation centres.
Clients include blue chip companies and household names such as B&Q, Hanson, Royal Mail, Tesco, Trinity Mirror and University College London Hospitals.
Commenting on the investment, Martin St Quinton, CEO of Azzurri said:
“We have always felt that Azzurri has a very exciting future and we looked at a number of strategic options to deliver the next stage of our development. We have been very impressed with Silverfleet'S enthusiasm and commitment to working in partnership with us to continue to grow the Company both organically and through acquisition.”
James Barton, a Partner of Silverfleet, commented:
“The market for convergence of voice, data and mobility solutions is highly attractive and Azzurri has a distinctive product offering. The senior management team has a proven track record of acquiring and successfully integrating businesses having completed fifteen acquisitions over the past six years. With our own extensive experience in buy and build investments, we look forward to supporting the Azzurri team in their continuing consolidation of the converged voice and data market.”
Debt facilities are provided by Bank of Scotland and Barclays. Silverfleet was advised by Catalyst and Azzurri was advised by Citigroup.