AdEPT Tech.Group PLC - Acquisition and extension of Banking Facility
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
("AdEPT" or the "Company")
Acquisition and extension of Banking Facility
ACQUISITION OF ETS COMMUNICATIONS HOLDINGS LIMITED
· Initial consideration of
· Expected to be earnings enhancing from completion
· AdEPT group revenue run rate anticipated to increase by approximately 5%
· Highly complementary unified communications product set, including Avaya IP Office and
· ETS enhances AdEPT healthcare strategy with more than 200 GP surgeries as customers
· Highly experienced vendor to remain with ETS
ETS offers its clients the delivery of unified communications solutions, with particular expertise in the Avaya IP Office product set. The highly skilled team together with the well-matched customer base and product set at ETS will complement AdEPT's existing unified communication services offering provided by the
AdEPT and ETS have both adopted capital asset light strategies which are highly cash generative and are dedicated to offering a full suite of unified communication and data connectivity services.
Information on ETS
ETS, founded in 1981, is an independent unified communications services provider based in
One of the vendors of ETS is to be retained in his current capacity within the business for a period of at least 12 months post-acquisition.
The statutory accounts of ETS for the year ended
Initial consideration of
"We are delighted to have acquired such a high-quality business with a highly experienced vendor remaining with ETS post-acquisition. With AdEPT having an existing specialist Avaya IP Office operation in
NEW BANK FACILITY
· Debt facility enlarged to
· Increased capacity to support acquisition growth strategy
The enlarged facility is to be provided by Barclays Bank Plc ("Barclays") and The Royal Bank of Scotland Plc ("RBS) on an equal basis. The facility will be used by AdEPT to fund acquisition of businesses that extend the AdEPT product set and by being part of the AdEPT group, will benefit from economies of scale. The terms of the enlarged facility remain the same as the existing facility.
"We are delighted to have obtained the continued support of the teams at RBS and Barclays to provide a larger syndicated debt facility. This enlarged bank facility provides the Company with additional funding to undertake the acquisition of ETS as AdEPT continues with its strategy of acquiring earnings enhancing businesses."
For more information please contact:
07786 111 535
01892 550 225
01892 550 243
Nominated Adviser & Broker
020 7894 7000
This information is provided by RNS, the news service of the
Quick facts: AdEPT Technology Group PLC
Market Cap: £60.07 m
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