Nelson-based telecoms group, Daisy, is set to join forces with West Midlands business Wavenet in a merger that will create a £500m-turnover group with over 2,000 employees and more than 22,000 customers.
The deal will see Wavenet’s current private equity partner, Macquarie Capital Principal Finance, become the largest shareholder, while Daisy Group chairman, Matthew Riley, and other existing shareholders will retain a minority stake in the business. Riley will also join the board of the combined entity as a non-executive director.
The merger aims to strengthen the balance sheet and provide investment for long-term growth. Once regulatory approvals are obtained, the new entity will become the UK’s largest independent IT managed services provider, specializing in cyber, cloud, and intelligent network solutions for businesses and the public sector.
Both Daisy and Wavenet have experienced significant growth through organic expansion and strategic acquisitions in recent years. Wavenet chairman, Bill Dawson, expressed excitement about the merger, stating that the combined expertise and resources will create a more innovative organization positioned to capitalize on the growing markets of cyber, cloud, and intelligent networks.
Matthew Riley also shared his enthusiasm for the merger, highlighting the alignment of both companies’ operations, aspirations, and culture. He emphasized the priority placed on people and the belief that the combined skills and expertise will be unmatched in the marketplace. The new business is expected to drive growth through expanded offerings, market reach, and collaboration opportunities with global tech providers.
Wavenet was advised by Travers Smith, while DWF Group provided advisory services to Daisy Corporate Services.