Daisy secures first deal since privatisation
Daisy Group has announced the acquisition of Damovo UK Limited, a provider of voice-based unified communications to the public and private sector.Damovo UK delivers services to more than 250 organisations, including a number of high profile customers in aviation, transportation and government, and is a strategic partner of Cisco, Mitel and Microsoft.
With growth in its enterprise base highlighted as a key area of focus, the Daisy leadership team believes it can develop the Horsham-based operation through its specialist managed services.Daisy Group founder and executive chairman Matthew Riley said: “This is the first acquisition we have undertaken since Daisy’s privatisation and enhances our capability in the enterprise space. With strong vendor relationships and an expert team in place, the business is well positioned for growth under our ownership."
Meanwhile Lloyds Bank Commercial Banking has announced that it supported the privatisation with a £265m package, which was backed by Riley, Toscafund Asset Management LLP and Penta Capital LLP.Daisy Group provides its 59,000 customers with a range of business communication services, including broadband, phone line, mobile, VoIP, cloud and hosting. The company employs 1,500 staff across its 17 offices in the UK and recorded revenues of £352.7m for the financial year ending 31 March 2014.
James Ranger, co-head of mid-markets, acquisition finance, Lloyds Bank Commercial Banking, said: “A targeted acquisitive growth strategy has helped Daisy Group become one of the leading players in the business-to-business communications industry. "The expansion of and diversification of Daisy Group into new and exciting areas of IT and telecoms has been led by a determined management team, which will no doubt continue its impressive trajectory as a private company with fresh private equity funding.”