The acquisition is the first for Actimax since middle market investor Synova Capital backed a management buy-out of the Basildon business in April this year. In the buy and build deal, Synova supported the incumbent management team, led by chief executive John Massey, in the purchase from Foresight VCT.
Synova completed the acquisition of Universal in less than four weeks, having identified the company as an ideal fit for Actimax, according to a statement from the investor.
Founded in 1989, Universal provides telecoms infrastructure, maintenance and network services to more than 500 customers including Canary Wharf Group, Towergate and Camden Council. The majority of Universal’s customers have long term contracts providing high levels of recurring revenue, the statement says.
Massey comments, ‘The acquisition of Universal is a strong strategic fit with the wider Actimax offering, and will allow us to diversify our customer base and extend our product offering.’
Philip Shapiro, a managing partner at Synova, adds, ‘This transaction will not only provide Actimax with greater market share but will enable the group to sell its unified communications offering to Universal’s established and blue-chip customer base.’