Nelson-based telecoms group, Daisy, and West Midlands business Wavenet are joining forces to create a powerhouse in the industry. With a combined turnover of £500m and over 2,000 employees, the new group is set to support over 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. Riley will also join the board as a non-executive director.
The merger will make the new entity the UK’s largest independent IT managed services provider, specializing in cyber, cloud, and intelligent network solutions. Both companies have seen significant growth through organic expansion and strategic acquisitions in recent years.
Wavenet chairman, Bill Dawson, expressed excitement about the partnership, stating that the combined strengths and resources will create a more innovative organization. Riley echoed this sentiment, emphasizing the shared vision for future growth and market dominance.
The transaction is pending regulatory approvals, with legal advice provided by Travers Smith for Wavenet and DWF Group for Daisy Corporate Services. The future looks bright for this dynamic collaboration in the tech industry.