New deal for Daisy

Acquisitive telecoms company Daisy has agreed to acquire SpiriTel for £27.3 million.

Daisy will also assume around £6.1 million of SpiriTel’s bank debt, which the company intends to re-finance from its existing banking facilities.

Matthew Riley, CEO of Daisy, says: ‘This is the largest acquisition Daisy has made since [joining AIM] last year. The Daisy board believes that this acquisition gives Daisy a strong foothold in the mid-market, strengthening our sales team and engineering force, while significantly enhancing both our product portfolio and customer base.’

Founded in 1989, SpiriTel is a business telecommunications provider with four offices across the UK. The company is organised into two divisions; SpiriTel Business, which provides voice and data services to business customers, and SpiriTel Technologies, which is focused on infrastructure. In the year to September 2010 the business division declared a net profit of around £3.1 million on a turnover of £17.7 million.

Lancashire-based Daisy provides voice and data telecoms services to small and mid-sized companies in the UK. It has acquired 10 businesses in the past 18 months, and for the last financial year declared a turnover of £53 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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